Philippine Stock Exchange index (PSEi) Improves Today

By Joann Santiago

The Philippine Stock Exchange index (PSEi) rose to 5,120.07 points Friday, up 10.64 points or 0.21 percent from the previous day’s 5,109.43 points.

The all shares index, on the other hand, contracted by 0.13 percent or 4.34 points to 3,376.60 points from Thursday’s 3,380.94 points.

Most of the sectoral indices, including the industrial, holding firms, mining and oil and property ended the day on the red. But the financials and services indices posted gains.

The local bourse posted the mix trading as investors weighed on efforts by European officials to save Spain’s ailing banks and the cropping up of more negative news such as the slowing manufacturing data in the US and Europe and the downgrade of 15 majors banks.

Value turnover reached P4.56 billion after 2.3 billion shares changed hands.

Losers edged gainers at 86 to 72 while 40 stocks were unchanged.

Leaders of troubled eurozone nations have agreed to act quickly to save ailing Spanish banks and to send creditors to Greece for an update on the final results of the recent polls.

On the other hand, credit ratings agency Moody’s Investors’ Service downgraded the ratings of the world’s 15 major banks after noting the risk of losses these financial institutions face from the volatile capital markets.

Among these banks are Morgan Stanley, Credit Suisse, UBS, HSBC, Barclays, BNP Paribas, Royal Bank of Canada,Citigroup, Goldman Sachs Group, JPMorgan Chase, Credit Agricole, and Deutsche Bank.

Relatively, the peso moved sideways against the dollar after closing at 42.420 from Thursday’s 42.425 finish.

It’s closing level was the unit’ strongest trade for the day after opening at 42.55, weaker than day-ago’s 42.20 level. The local currency’s weakest trade for the day stood at 42.57 while it averaged at 42.49.

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