Three new records for Nov. 26: PSE index, T-bill, peso

Rappler.com
The local stock market's main index hit its 29th highest this 2012, while the peso traded against the dollar at a 56-month high. At the bond market, the 364-day Treasury Bill rate hit a historic low

MANILA, Philippines – Three new record levels have been set at Philippine capital markets on Monday, November 26.

The local stock market’s main index hit its 29th highest this 2012, while the peso traded against the dollar at a 56-month high. At the bond market, the 364-day Treasury Bill rate hit a historic low.

Stock exchange

The key Philippine Stock Exchange index (PSEi), an indicator of investor confidence, gained 0.49% or 27.08 points to close at 5,579.42.

This surpassed the November 23 record close of 5,552.34, and marked the 52nd high for the Aquino administration.

Screenshot of pse.com.ph

The broader all-share index went up by 0.23% or 8.40 points to 3,617.66.

Philippine Long Distance Telephone Co. (PLDT) added 0.4% to P2,510 and Philippine National Bank, which is reported to be eying a deal to become the country’s largest bank, increased 1.9% to P85.90.

Foreign exchange

At the foreign exchange market, the peso closed at P41.06 to the dollar.

This brought the peso’s trading average at P41.157 against the dollar as of November 26. In October, the peso averaged at P41.452.

A high peso hit the value of remittances sent home by Filipinos working overseas, as well as the price competitiveness of Philippine exports and business process outsourcing (BPO) services.

Bond market

Yield on the 364-day Treasury bills fell to historic low of 0.549% during Monday’s auction.

This surpassed the November 13 record lows for all T-bill tenors. The 364-day T-bill rate then hit 0.68%, while the 91-day touched 0.15% for the first time.

The benchmark 91-day T-bill rate is generally used by banks in pricing their loans. It closed at 0.20% on Monday. 

These rates are the lowest seen in the Treasury’s record that go as far back as 1987.

Awards reached P1.21 billion for the 364-day T-bills, and P1 billion for the 91-day T-bills. – Rappler.com