RP's stock market slightly up
RP’s stock market closed on a positive note for three consecutive trading days as financial investors welcomed the news on financial reform measures to be pushed by some legislators of the 15th Congress.
The Philippine Stock Exchange index gained by 14.37 points or 0.43 percent to 3,350.08 points on Wednesday after losing approximately 1.7 percent on last week’s trading after President Aquino was sworn into office. According to CitisecOnline Brokerage Vice President Juanis Barredo, "The market also took its cue from overnight gains on Wall Street."
The value turnover was almost at P3.2 billion with 53 gainers, 39 declined and 74 unchanged share prices. "Investors seemed to have received these legislative propostions in a very positive light. The financial world has evolved dramatically in the past few years. It is time for the BSP’s charter to keep in step with latest developments," said Steve Sevidal of United Coconut Planters Bank.
Sevidal added that central bank be allowed to issue long term peso debts, enabling the regulator to "manage more properly its liabilities. Since there is a resistance from the Bureau of Treasury, which issues fixed rate Treasury notes, the Bangko Sentral is not allowed to issue long term peso debts. Analysts believes that if such legislative plans push through, the country can be in a better situation to survive from the global financial crisis.
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