Philippine Markets: 28 July 2011

28 July 2011 

USD/PhP:          42.22 (as of 12:00pm)        PSEi:             4482.80                        - 0.09 
USD/JPY:           77.85                        PFINC:                   1020.82                        + 2.00 
EUR/USD:         1.4353                        BDO:                  63.70                        + 0.45 
GBP/USD:         1.6421                        BPI:                  59.25                        unch 
PDSTF3M:         2.4827                        MBT:               77.10                        + 0.15 
Prices as of  12:00pm                        Source: Bloomberg, Reuters 


Local shares closed unchanged 

PSEi closed almost unchanged from yesterday's session, just down by 0.09 points to close at 4482.80 despite the 1.59 percent drop in US Dow Jones last night.  US equities weakened last night as lawmakers remained in deadlock over the US debt ceiling issue.  Asian equities were also down today  by 0.50% - 1.50% as of this writing due to uncertainties in the US.  However, local markets showed resilience despite bloodbath in other countries as investors remain optimistic on earnings prospects.  Local markets await BSP monetary decision today wherein most analysts expect benchmark rate to remain unchanged at 4.50% 


BDO UNIBANK, INC. 

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher 
(632) 858-3001