The peso yesterday closed at 46.52 to the US dollar,
up from Friday’s close of 46.825. The peso opened at 46.45, and reached
a high of 46.29. The total value of transactions at the Philippine
Dealing System reached $905.20 million.
Meanwhile share prices ended firm with the Philippine
Stock Exchange index (PSEi) closing at 2,728.53 after appreciating 3.81
points.
Trading reachedP1.54 billion.
A decline in index heavyweight Philippine Long
Distance Telephone Co., (PLDT), which comprises 30 percent of the
30-company index, limited the market’s increase.
But the Philippine stock market was really
"relatively weak" according to AB Capital Securities, Inc., research
head Jose L. Vistan, Jr., when compared to regional markets. Vistan
noted that regional markets were quite strong on Monday mostly up about
3 percent, compared to the market’s 0.14 percent hike.
"It could be rotational buying back to regional
market in Asia, from the local market. Also the regional market is
tracking the Dow futures which suggests it would go up with the news of
the Fannie Mae and Freddie Mac bailout," said Vistan.
"There is a catalyst from the US and we would know in
the next couple of days if it would be good for the market," said Vistan.
Most actively traded Philippine Long Distance
Telephone Co., (PLDT) was down P10 to P2,755. Ayala Land, Inc., (ALI)
was steady at P11.
Megaworld Corp. was up P0.06 to P1.56. Bank of the Philippine Island
(BPI) was steady at P47. Ayala Corp., (AC) was steady at P307.50.
Metropolitan Bank and Trust Co. was up P0.50 to P39. Aboitiz Power Corp.
was up P0.10 to P5.70. Globe Telecoms, Inc., was up P25 to P1,095.-
