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Unang Balita 07-13-11

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Unang Balita 07-13-11
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Joined:Jul 19, 2009
by : FlipBooth on Jul 13, 2011
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Duration: 30:00

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Unang Balita 07-13-11
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Unang Balita 07-13-11

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News Report:

PSEi up 1.29% as market opens strong on lack of negative news

Philippine shares opened strong Monday as the market cheered domestic expectations in the absence of market-moving news overseas and pushed the main PSEi over the 6,700 psychological barrier, following a four-day Holy Week break.
The bellwether PSEi was up 86.37 points or 1.29 percent to 6,757.55as of 10:28 a.m.  The broader All Shares    gained 40.18 points or 1.00 to 4,053.21.

The market may enjoy positive economic indicators as it closes in on the first quarter earnings cycle three weeks down the line, Jun Calaycay, analyst at Accord Capital Equities Corp., noted in his daily market review.

“It has been our contention that the strength of the domestic macro-economy should trump the negative influences sentiments borrow from abroad – not the other way around as a good number seemingly subscribe to,” he said.

Asian markets opened the week on a subdued note as tensions in Ukraine kept investors cautious in the absence of market-lifting catalysts as several markets remained closed, Reuters reported.

In a separate report, Agence France-Presse noted "financial markets in Australia, Hong Kong and New Zealand are closed Monday for public holidays."

Philippine financial markets were closed since Thursday for the Holy Week break. – VS, GMA News

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