Tuesday, November 20, 2012

Local Equities Open The Week High

The local equities market moved marginally higher today as investors digested last week's third quarter corporate earnings releases.

The PSEi gained 10.27 points, or +0.19%, to end the day at 5,449.55. MWC (+3.04%) led index gains following news that Metro Pacific Ventures agreed to buy 39% of its waterworks business in Cebu.

However, gains were overshadowed by JFC, which lost 3.53% after last Friday’s mark-up. Sectoral indices closed mostly positive as financials (+0.44%), industrials (+0.27%), holding firms (+0.42%) and property (+0.16) all ended positively, while services (-0.30%) and mining and oil (-0.64%) ended in the red.

Market breadth was negative as declines outnumbered advances 90 to 61 with 46 issues unchanged. Value turnover increased to Php10.04 billion.

The Philippine peso strengthened during today’s trading session after US lawmakers claimed that budget talks in the White House were making some headway. The local currency gained 14.5 centavos to close at 41.185.