PSEi Revisions
The discrepancy (3696.51 instead of 3704.22) noticed earlier in the previous closing figures of the Philippine Stock Exchange Index (PSEi) was not a computer glitch after all. According to a memorandum to brokers from the PSE, which was posted in its website, it was due to a revision for the period June 25 and July 11 following a review.
The record high of 3822.41 was also revised to 3814.22.
The holding firm's and property indices for the same period were also adjusted. No reason was given for the said adjustments.
Interest rates; Tiering system and Inflation.
The Bangko Sentral ng Pilipinas, in its policy meeting, decided that effective on July 13, the tiering system on placements will be lifted. Under this tiering scheme, (which has been in place since November 2006), lower rates were applied to banks' deposits with the central bank in excess of P5 billion.
The key policy interest rates will also be adjusted to 6% (from 7.5%) for the overnight borrowing and 8% (from 9.75%) for the overnight lending.
This is the first time since October 2005 that the central bank has adjusted its monetary policy.
The Bangko Sentral also expects inflation for the full year to settle at 2.6-3.1 percent, which is below the government's target of 4-5 percent.
Shares close higher on bargain-hunting; Wall St. rebounds
...........Rommel Macapagal, chairman of Westlink Global Equities, said the market seemed to have built a strong support base at the 3,700-level and will be testing the new resistance of 3,750 points in the coming sessions................
source / reference: business.inquirer.net
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