The PSEi closes at 4290 which is reported to be up by 133 points as investors went on bargain hunting with lower stock price still on some. Relief rally following market’s 3 day selloff and rebound in US equities. The US Federal Reserves pledges that they would not raise and also keep interest rates low for the next two years.

According to one source, PSEi recouped 133.11 points or 3.2% to close at 4,290.14 today following big Wall Street recovery and rebound as of last night. Yesterday the PSEi closed at 174.21 points or 4% lower at 4,157.03 after what is being called the Wall Street meltdown.

Here are some bits of news from Business Nightly for Friday July 29, 2011:

• PSEi up 0.50% at 4,503.63.
• Aboitiz Equity Ventures’ net income drops 9% in H1.
• Nickel Asia H1 profits more than double P1.7B on higher metal prices.
• Isuzu Philippines sales slip 20% due to supply shortage from Japan.
• Top traded stocks by value in the Philippine stock market are BDO (P63.95, up by 0.40%); SCC (P226, down by 1.70%); AGI (P11.56, down by 1.60%); TEL (P2.400, up by0.80%);  and SMC (PP127.50, unchanged).
• Asian markets have fallen nearly two percent (2%) this week.
• In the US, the Republicans fail to pass the bill to break U.S. debt ceiling impasse.
• According to CITI: markets will remain choppy due to a possible U.S. credit rating downgrade.