Overnight Market Snapshot – August 30, 2013

Philippine-related shares like the iShares MSCI Philippines Index ETF or EPHE (+ 3.88%) and the Philippine Long Distance Company ADRs or PHI (+ 3.10%) surged during last night’s session in the US. The US equity markets (DJIA +0.11%, S&P 500 +0.20%, Nasdaq +0.75%) rose yesterday on news the its GDP for the second quarter has expanded by 2.5% versus the forecast of only 2.2%. Tensions with Syria regarding a potential military intervention by the US has also eased.

Note that the EPHE tracks the MSCI Philippines Index and is a leading indicator of the Philippine Stock Exchange Index or the PSEi (PCOMP). Spill over of the positive global sentiment plus a possible month-end buying activity of fund managers or window dressing may extend the local market’s rebound today.

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