THE VOICE OF BUSINESS IN NORTHERN MINDANAO

Monday, March 7, 2011

Philippine Markets: 07 March 2011


07 March 2011

USD/PhP: 43.30 + 0.02 PSEi: 3886.48 + 3.77
USD/JPY: 82.25 PFINC: 856.44 + 5.63
EUR/USD: 1.3967 BDO: 48.90 unch
GBP/USD: 1.6256 BPI: 54.35 + 0.65
PDSTF3M: 1.5692 MBT: 61.15 + 0.55
Prices as of 4:00pm Source: Bloomberg, Reuters



PH stocks marginally up
By Doris Dumlao
Philippine Daily Inquirer


MANILA, Philippines—Local stocks rose marginally on Monday as early gains were capped by a late-session profit-taking near the 3,900 level.

The main-share Philippine Stock Exchange index added 3.77 points or around 0.1 percent to close at 3,886.48.

The index breached 3,900 in intra-day day trade on the back of follow-through buying from last week's strong performance but it gave up most of its gains towards the end of the session as investors pocketed gains.

Trading was thus mixed across counters with the financial, holding firm, property and services counters staying afloat and the industrial and mining/oil counters heading lower.

Value turnover thinned out to P3.52 billion from the previous session's P4.5 billion as the weak sentiment in Wall Street on Friday tempered risk-taking as the index neared 3,900. Despite the slight index rise, decliners edged out advancers 65-51 while 49 stocks were unchanged.

The closely watched Dow Jones was down by 88.32 points or 0.72 percent to 12,169.88 on Friday as investors were again reminded of the Middle East-North African geopolitical risks when global oil prices spiked anew.

PLDT, Aboitiz Equity Ventures, Cebu Air, AGI, Megaworld, EDC, Semirara Mining, Jollibee and DMCI were among the day's decliners.

On the other hand, Aboitiz Power, Metrobank, ICTSI, Ayala Land, SM Investments, PNB, Southeast Asia Cement and Ayala Corp. gained.

ICTSI announced it was awarded a 30-year contract for the management, operations and development of a container terminal in the Port of Rijeka, Croatia's principal seaport.



BDO UNIBANK INC.

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher

(632) 858-3001

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