Thursday, June 16, 2011
Philippine Markets: 16 June 2011
16 June 2011
USD/PhP: 43.48 (as of 12:00pm) PSEi: 4173.08 - 28.30
USD/JPY: 80.87 PFINC: 934.08 - 2.46
EUR/USD: 1.4103 BDO: 54.95 - 0.05
GBP/USD: 1.6149 BPI: 56.40 - 0.90
PDSTF3M: 3.2771 MBT: 69.55 + 0.05
Prices as of 12:00pm Source: Bloomberg, Reuters
Stocks lower by 0.67 percent
PSEi closed 28.30 points or 0.67 percent lower from yesterday's session, closing at 4173.08 as sell-off in US equtiy markets sparked risk aversion worldwide. Local shares showed resilience during the middle of the session, swinging back from the negative to positive territory as a follow through of yesterday's strong performance due to Moody's upgrade. However, selling pressure emerged at the end as all Asian markets were trading in the red today. Markets continue to be jittery and expect continued volatility during the following sessions.
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
Philippines Raises Reserve Ratio, Keeps Interest Rate Unchanged
USD/PHP closed at 43.525
Philippines Raises Reserve Ratio, Keeps Interest Rate Unchanged
By Max Estayo and Karl Lester Yap
June 16 (Bloomberg) -- The Philippine central bank
unexpectedly kept its benchmark interest rate unchanged at 4.5
percent even as it asked lenders to set aside more money as
reserves, according to a statement in Manila today.
The decision to refrain from raising borrowing costs was
predicted by six of 16 economists surveyed by Bloomberg News,
with the rest expecting an increase of 0.25 percentage point.
Policy makers increased the reserve requirement ratio to 20
percent from 19 percent, according to the statement.
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