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Bacolod City, PhilippinesSaturday, February 18, 2012
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Peso, PSEi improve

MANILA – Positive news on US’ growth prospects lifted both the Philippines’ peso and stocks yesterday.

The local unit closed P0.22 better to P42.615 against the dollar from the previous day’s P42.835 finish. It opened at P42.66, an improvement from day-ago’s P42.77 start.

Its strongest for the day is P42.60 while weakest stood at P42.71 resulting to an average of P42.65, an improvement from Thursday’s P42.84. Total volume went down to $935.56 million from the previous day’s $1.32 billion. Relatively, trading at the Philippine Stock Exchange were all up at the end of this week boosted by the improvement in jobs markets in the US as well as factory output and increase in building permits.

The PSE index was up 114.14 points to 4.880 or a change of 2.3946 percent.

The broader all shares index was up by 51.46 percent or a change of 1.5918 to 3,284. Gainers reigned over losers at 123 to 56 while 28 was unchanged. Trading turn-over reached P8.29 billion.

First Grade Holdings Inc. Managing Director Astro del Castillo told PNA that positive news from the world’s largest economy resulted positively not only on PSE shares but the other economies as well.

“There were some good news from the US last night and these are indications that the economy has somewhat started to bounce back,” he said.

Del Castillo said domestic companies are also positioning and anticipating the season when listed companies are announcing their 2011 performance.“ But the main reason is good news overseas. Somehow our biggest trading partner is bouncing back. Moving forward, given that it is our biggest trading partner it is a good news for us,” he said.

Del Castillo declined to project next week’s trading at PSE citing that “we still have room for upside” although this depends on how stock markets overseas will perform. He said the Greek factor is “already discounted” but pointed out that “US’ recovery is also good for Europe.”*PNA

 

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