Philippine Markets: 04 January 2011

04 January 2011

USD/PhP: 43.69 - 0.08 PSEi: 4218.73 + 3.52
USD/JPY: 82.24 PFINC: 964.58 - 2.42
EUR/USD: 1.3362 BDO: 58.00 - 0.85
GBP/USD: 1.5485 BPI: 59.35 - 0.15
PDSTF3M: 1.1635 MBT: 72.95 - 0.05
Prices as of 4:00pm Source: Bloomberg, Reuters



PH stocks a tad higher
By Doris Dumlao
Philippine Daily Inquirer

MANILA, Philippines—Local stocks were a tad higher on Tuesday as a late-session buying spree brought the main index to a positive close for the second straight session this 2011.

The main-share Philippine Stock Exchange index added 3.52 points or 0.08 percent to 4,218.73, likewise drawing strength from upbeat global markets.

Profit-taking pressures prevailed earlier in the day but at the end of the trading day, the modest gain by the holding firm counter shored up the index.

Value turnover improved to P4.88 billion. There were 67 advancers as against 79 decliners while 31 stocks were unchanged.

In Wall Street, stocks are nearing new multi-year highs. Overnight, the Dow Jones Industrial Index rallied by 93.24 points or 0.81 percent to 11,670.75 on optimism over the New Year.

"The start of 2011 has seen a relatively positive mood pervading markets although a clearer trend is likely to be established as the week progresses and more market participants return," said investment bank Credit Agricole CIB.

An increase in the US manufacturing index and a bigger than forecast rise in November construction spending aided sentiment, Credit Agricole said.

The stocks that gained on heavy volume were Manila Electric Co., Semirara Mining Corp., First Philippine Holdings Corp., DMCI Holdings Inc., Nickel Asia Corp., Ayala Corp., Aboitiz Power Corp. and Energy Development Corp.

On the other hand, there was profit-taking on Metropolitan Bank & Trust Co., Cyber Bay Corp., San Miguel Corp., Philex Mining Corp., Philippine Long Distance Telephone Co., Universal Robina Corp., Metro Pacific Investments Corp., Ayala Land Inc., Petron Corp., Atlas Consolidated Mining & Development Corp., Alliance Global Group Inc. and Cebu Air Inc.