Philippine shares up for 5th day in a row

Posted at 01/21/14 6:39 PM

MANILA, Philippines - Philippine shares managed to pare losses earlier in the day to end in positive territory.

The PSE index rose 0.23% to close at 6,019.24. The benchmark index is now up for a fifth day in a row.

Among the day's big gainers were PLDT, which jumped 2.52% to P2,762; and Alliance Global group which rose 1.34% to P26.40.

Banco de Oro and Metrobank also went up after JPMorgan recommended the two banks to its clients.

At the foreign exchange market, the peso weakened by 13 centavos, closing at P45.25 against the dollar.

"The speed and duration of the peso's ongoing depreciation is key. If it's too fast, that could lead to lower margins, that worries investors," said Jomar Lacson
Head of Research, Campos Lanuza.

Lacson warned if the depreciation happens too fast it could squeeze company margins.

"The economy held together when the USD/PHP rate hit P60.00 What's P45 compared to that," he said.

But he clarified, having the peso at the 45 to the dollar level isn't really a big concern yet. - ANC