Philippines Markets: 28 September 2010

28 September 2010

USD/PhP: 44.10 + 0.20 PSEi: 4123.95 + 1.24
USD/JPY: 84.23 PFINC: 942.94 - 5.69
EUR/USD: 1.3400 BDO: 60.50 + 0.30
GBP/USD: 1.5797 BPI: 55.00 - 0.20
PDSTF3M: 4.1635 MBT: 71.85 - 1.15
Prices as of 4:00pm Source: Bloomberg, Reuters

RP stocks remain slightly higher despite early profit-taking

Local stocks closed marginally higher on Tuesday as a late-session resurgence in risk-taking reversed losses from an early wave of profit-taking.
The main-share Philippine Stock Exchange index added 1.24 points or 0.03 percent to 4,123.95.

Investors remained optimistic on local equities despite an overnight decline in Wall Street, which sent the Dow Jones Industrial Index 48.22 points or 0.44 percent lower to 10,812.04.

The industrial sector led the day's modest gains, taking up the slack in the financial, holding firms, property and mining/oil counters. The services sub-index was unchanged.

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Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher
(632) 858-3001