11 November 2010
USD/PhP: 43.87 + 0.47 PSEi: 4144.41 - 53.16
USD/JPY: 82.23 PFINC: 971.38 - 17.59
EUR/USD: 1.3783 BDO: 58.40 - 1.15
GBP/USD: 1.6134 BPI: 58.20 - 1.30
PDSTF3M: 3.4962 MBT: 74.50 - 0.50
Prices as of 4:00pm Source: Bloomberg, Reuters
PH stocks take beating
MANILA, Philippines – Local stocks again took a heavy beating on Thursday from investors scrambling to pocket gains from previous week's rallies.
The main-share Philippine Stock Exchange index shed 53.16 points or 1.27 percent to 4,144.41, sliding for the fifth consecutive session.
Value turnover was heavier at P7.6 billion compared to the value turnout in the last five days of profit-taking. All counters were in the red but the financial, holding firms, property and industrial counters were the most battered.
Nearly three stocks tumbled for every single one that gained.
Metro Pacific Investments Corp., Philippine Long Distance Telephone Co., Metropolitan Bank & Trust Co., Ayala Corp., Energy Development Corp., International Container Terminal Services Inc., Megaworld Corp., DMCI Holdings Inc., Banco de Oro Unibank, Philippine National Bank, Bank of the Philippine Islands, Filinvest Land Inc., Manila Electric Co., Ayala Land Inc. and SM Investments Corp. led the day's decliners.
On the other hand, Alliance Global Group Inc., Aboitiz Power Corp., Cebu Air Inc., SM Prime Holdings and Aboitiz Equity Ventures Inc. bucked the day's downturn.
The local stock market defied a relative firm Asian equities market which was boosted by the rise in commodity stocks. Overnight, Wall Street also showed a modest rise in risk appetite that brought the Dow Jones Industrial index 10.29 points or 0.09 percent higher to 11,357.04.
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