27 July 2011
USD/PhP: 42.11 - 0.115 PSEi: 4482.89 + 17.02
USD/JPY: 77.65 PFINC: 1018.82 + 6.20
EUR/USD: 1.4486 BDO: 63.25 + 1.05
GBP/USD: 1.6430 BPI: 59.25 + 0.25
PDSTF3M: 2.5481 MBT: 76.95 + 0.50
Prices as of 4:00pm Source: Bloomberg, Reuters
Local stock prices rebound
By: Doris C. Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Most local stock prices rebounded on Wednesday as optimism about second-quarter corporate results overshadowed offshore jitters over US debt ceiling uncertainties.
The main-share Philippine Stock Exchange index added 17.02 points or 0.38 percent to finish at 4,482.89.
Investors scooped up stocks from the financial, industrial, holding firms and property counters but locked up gains from services and mining/oil.
Turnover improved to P5.1 billion from the previous day’s P4.31 billion. There were 72 advancers, which narrowly outnumbered 70 decliners while 44 stocks were unchanged.
Analysts said the local market was looking forward to some positive surprises in the forthcoming stream of second-quarter corporate results.
Megaworld, Banco de Oro, Philex, Metrobank, FLI, Ayala Corp. and BPI led the index higher. Non-index stocks GERI, Atlas, ORE and San Miguel Corp.
On the other hand, the PSEi’s gains were tempered by the decline of SM Investments, Lepanto “A” (reserved for local investors) and “B” (open to both local and foreign investors), PLDT, AGI, EDC and First Gen.
Meanwhile, the stalemate over the US debt ceiling limit has continued to temper risk-taking. Overnight, the closely watched Dow Jones Industrial Index fell by 91.5 points or 0.73 percent to 12,501.30.
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
