PSEi snaps 4-day rally on concerns of BSP rate hike


Posted at Feb 22 2013 06:21 PM | Updated as of Feb 23 2013 02:21 AM

MANILA, Philippines - The Philippine Stock Exchange index snapped its four-day bull run on Friday on concerns of a Bangko Sentral rate hike.

The main index closed flat, dropping 2.35 points to 6,665.06.

The SM Group led today's losers, with SM Investments slipping 0.58% to P1,017.00 while BDO fell 1.7% to P90.40 and SM Prime Holdings dropped 2.77% to P18.94.

Bucking today's losses were Jollibee, which hit the price target of Maybank ATR and JPMorgan at P128. Also up are EastWest Bank and Pilippine Business Bank.

At the foreign exchange market, the peso ended 3 centavos stronger, closing at P40.69 against the dollar. - ANC