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Thursday, April 24, 2014

PSEi snaps 4-day rally

Philippine shares snapped a four-day rally, joining a region-wide downswing after China's manufacturing output contracted for a third straight month.

The Philippine Stock Exchange index on Wednesday ended 0.23% lower at 6,769.52.

One of the day's big losers was Meralco, which fell 0.70% after the Supreme Court indefinitely extended the TRO on its December rate hike.

Banking giants BPI and BDO also fell more than half a percent.

Bucking the downtrend is Enrique Razon's Bloomberry, which operates Solaire Casino. Bloomberry surged to a 5-month high of P10.40, on bets of strong first quarter earnings.

In other corporate news, Manny Pangilinan said First Pacific is eyeing more investments in the country's agriculture sector, ahead of the ASEAN economic integration next year.

He said listed sugar producer Victorias Milling and unlisted SL Agritech are among the options.

At the foreign exchange market, the peso is slightly weaker, closing at P44.72 against the US dollar.


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