PSEi drops, clings to 6100 level

ABS-CBN News

Posted at Jan 22 2013 05:42 PM | Updated as of Jan 23 2013 06:58 AM

MANILA, Philippines - After making its 9th record close for the year on Monday, the Philippine Stock Exchange index (PSEi) fell on Tuesday, barely staying above the 6,100 level.

The main index settled at 6,104.90, down 1.08%.

Dragging the index down were PLDT which dropped 2.6% and SM Investments which fell 1.53%.

At the foreign exchange market, the peso closed 9 centavos stronger at P40.61 against the dollar.

Asian markets mixed

Meanwhile, Asian markets were mixed on Tuesday, with Tokyo's Nikkei falling and the yen strengthening as dealers were left disappointed by the Bank of Japan's plan to boost the economy.

After a two-day meeting the central bank said it would adopt a two percent inflation target that had been demanded by the country's new government while also launching an open-ended asset-purchase scheme.

Tokyo enjoyed an initial and brief surge after the announcement, jumping into positive territory, but it soon fell back as investors read the details.

The Nikkei index ended 0.35 percent, or 37.81 points, lower at 10,709.93.

Seoul gained 0.49 percent, or 9.66 points, to 1,996.52, while Sydney was flat, nudging up 1.6 points to 4,779.1.

Hong Kong was 0.29 percent higher, adding 68.08 points, to 23,658.99 but Shanghai fell 0.56 percent, or 13.08 points, to 2,315.14.

The Japanese central bank also lifted its growth forecast for the country's economy, predicting gross domestic product would expand 2.3 percent in the year ended March 2014, up from an earlier 1.6 percent estimate. - With ANC and Agence France-Presse