Philippine Markets: 3 October 2011

03 October  2011

USD/PhP:    43.99             PSEi:       3865.83           - 133.82

USD/JPY:    76.79             PFINC:              889.95          -   27.83

EUR/USD:    1.3555                  BDO:                 49.25          -

1.75

GBP/USD:    1.5522                  BPI:           54.40          -  1.40

PDSTF3M:    3.0904                  MBT:           62.50          -   3.50

Prices as of  4:00pm                Source: Bloomberg, Reuters

PSEi slump by 3.34 percent

By: Doris C. Dumlao

MANILA, Philippines—Local stocks went back to the doldrums on the first day

of extended trading hours on Monday as last week’s bargain-hunting and

quarter-end window-dressing activities fizzled out amid a volatile external

environment.

The main-share Philippine Stock Exchange index dipped by 133.82 points or

3.34 percent to finish at 3,865.83, with the mining/oil and holding firm

counters leading the downturn.

Value turnover was thin at P3.16 billion.  There were only 33 advancers

which were overwhelmed by 127 decliners while 24 stocks were unchanged.

The index hit a resistance near 4,000 in early trading and was thus on a

downtrend for the rest the session.

Investors sold down shares of Metrobank, SM Prime, AGI, Lepanto A (open

only to local investors), DMCI, PLDT, Aboitiz Power, BPI, BDO, EDC, ICTSI,

ALI, SM Investments, Philex, Ayala Corp., ORE, FPH, Boulevard, AEV and

Meralco.

Among the new gainers for the day were AgriNurture and PAL Holdings.

AgriNurture was up by 12 percent to P9.52 per share after its disclosure

that Black Rivers, a private equity unit of American agribusiness giant

Cargill, has offered to buy a 28.11 percent stake in the local company.

PAL Holdings rose by 8.58 percent on the implementation of its outsourcing

plan and continuing talks about the potential entry of a new investor.

Trading hours were extended to 1 pm starting Monday.

BDO UNIBANK, INC.

Jonathan Ravelas

Chief Market Strategist

(632) 858-3145