Daily Market Notes January 13, 2010
January 13, 2010 by dragon · Leave a Comment
PSEi 3,096.70 DOWN 8.92
VALUE PHP 3,710,995,225.91
DOW 36.73 -0.34% 10,627.26
NASDAQ 30.10 -1.30% 2,282.31
S&P 500 10.76 -0.94% 1,136.22
As expected, Alcoa's weak results resulted in an excuse to sell for global markets mostly higher on majority of 2010's trading days.
Fueling a deeper Asia drop was China's act of raising the bank reserve ratio after allowing bill yields to climb in the past week in an attempt to cool inflation and unsustainable gains in property and stock prices. The cost of insuring against defaults in Asia rose and Indonesia scaled back plans to raise funds.
In local equities, index stocks slightly tilted over 1/3 to the losers' side, led by TEL MER FPH ICT MEG MWC. TEL's 30 peso drop back to 2700 was in itself worth 8 lost psei points.
PSE reconstitutes index on November 3
Starting November 3, the Philippine Stock Exchange Inc. (PSE), which runs the country’s bourse, will include itself in its benchmark 30-company index.
IN: DMC, SECB
OUT: VLL RCB ABS
The announcement “marks the first time the PSE will be included in the main index, joining listed exchanges such as Singapore Exchange, Hong Kong Exchanges and Clearing Ltd. and Australian Securities Exchange, among others, that currently form part of their main stock market indices," the PSE said in a statement.
Together with DMCI Holdings Inc. and Security Bank Corp., the PSE will replace three other companies – Vista Land and Lifescapes, Inc., Rizal Commercial Banking Corp. and ABS-CBN Broadcasting Corporation. – in the bourse’s main index, the PSE said.
