PSEi snaps 2-day slide, back in 6100 level

ABS-CBN News

Posted at Jan 24 2013 06:11 PM | Updated as of Jan 25 2013 06:46 AM

MANILA, Philippines - After a two-day slide, the Philippine Stock Exchange index is back in the green and in the 6,100 territory.

The main index settled at 6,117.27, up 0.41%.

Ayala Corp. rose 2.26 percent to P542, Metro Pacific Investments added 1.25 percent to P4.86 and Philippine Long Distance Telephone was 0.22 percent up at P2,792.

At the foreign exchange market, the peso ended slightly weaker, closing at P40.63 against the dollar.

Meanwhile, Asian markets were mixed Thursday, despite a positive lead from Wall Street and news that Chinese manufacturing activity hit a two-year high in January.

The yen retreated after a two-day rally as Japan logged a record trade deficit for last year with exports hit by the ongoing territorial spat with China and Europe's long-running debt crisis.

Tokyo reversed early losses thanks to the yen's dip, with the Nikkei up 1.28 percent, or 133.88 points, at 10,620.87, while Sydney rose 0.47 percent, or 22.4 points, to 4,810.2, but Seoul shed 0.80 percent, or 15.93 points, to 1,964.48.

Shanghai fell 0.79 percent, or 18.31 points, to 2,302.60, with profit-takers moving in after the index hit an eight-month high in intra-day trade, while Hong Kong shed 0.15 percent, or 36.20 points, to 23,598.90.

In China HSBC said its preliminary purchasing managers index (PMI) rose to 51.9 in January from 51.5 in December, its highest since January 2011.

Anything above 50 indicates growth while anything below is contraction.

The news reinforces views that the world's number two economy has picked up after a drawn-out slumber. On Friday official figures showed gross domestic product grew at a faster pace than expected in 2012 and at a quicker pace than the government had hoped.

The results provided a fillip to Japan's Nikkei, while data showing Japan suffered a second consecutive annual trade deficit last year sent the yen tumbling, providing shares with another lift. - With ANC and Agence France-Presse