Philippine Markets: 16 June 2011

16 June 2011

USD/PhP: 43.48 (as of 12:00pm) PSEi: 4173.08 - 28.30
USD/JPY: 80.87 PFINC: 934.08 - 2.46
EUR/USD: 1.4103 BDO: 54.95 - 0.05
GBP/USD: 1.6149 BPI: 56.40 - 0.90
PDSTF3M: 3.2771 MBT: 69.55 + 0.05
Prices as of 12:00pm Source: Bloomberg, Reuters


Stocks lower by 0.67 percent

PSEi closed 28.30 points or 0.67 percent lower from yesterday's session, closing at 4173.08 as sell-off in US equtiy markets sparked risk aversion worldwide. Local shares showed resilience during the middle of the session, swinging back from the negative to positive territory as a follow through of yesterday's strong performance due to Moody's upgrade. However, selling pressure emerged at the end as all Asian markets were trading in the red today. Markets continue to be jittery and expect continued volatility during the following sessions.


BDO UNIBANK, INC.

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher
(632) 858-3001