MANILA, Philippines - The Philippine Stock Exchange index (PSEi) is up for a fourth day, boosted by relaxed draft rules on foreign ownership released by the Securities and Exchange Commission.
The main index settled at 6,665.12, up 1.02%.
Among the day's gainers were Alliance Global, which climbed 3.4% to P21.10 after getting approval to change the terms of a $500 million debt due in 2017. PLDT also rose 1.91% to P2,868, while Robinsons Land surged 2.04% to P25.
At the foreign exchange market, the peso weakened by 24 centavos to close at P41.7 against the dollar.
Meanwhile, Asian markets were mixed Tuesday after a top eurozone official suggested a levy on bank deposits used as part of the Cyprus bailout could be a template for future rescues in the troubled region.
Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers, said the costs of bank recapitalisations should not fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders.
His statement, which came just hours after a last-minute deal to save the Cyprus financial sector, sent the euro tumbling to a four-month low in London.
The comments to the Financial Times -- that raise the prospect of a similar policy for bailouts in other nations -- also hit US and European shares, which had been in positive territory following Sunday night's agreement.
Tokyo lost 0.60 percent, or 74.84 points, to 12,471.62, Sydney slipped 0.80 percent, or 40.0 points, to 4,950.2 and Shanghai fell 1.25 percent, or 29.05 points, to 2,297.67.
But Hong Kong gained 0.27 percent, or 59.93 points, to 22,311.08 and Seoul climbed 0.30 percent, or 6.03 points, to 1,983.70.
"Cyprus has touched the nerves of a lot of people. I guess the question is who will be next, and what pressure such a deal will have on the ability of Cyprus to trade out of their issues," said Jonathan Barratt, chief executive officer at Barratt's Bulletin in Sydney.
"It raises a lot of questions about what is next for them, and what other nations within the EU will be subject to if they have a debt crisis," he told AFP.
Dijsselbloem later released a statement via Twitter saying Cyprus was a "specific" case.
"Mr. Dijsselbloem later revised his comments, which will take some of the sting out of the fallout on equities prices," SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.
Those comments helped the euro in New York claw back some of the losses that saw it hit a four-month low of $1.2830 in London, while it also picked up against the yen.
In Tokyo trade the single currency fetched $1.2874 and 121.31 yen, compared with $1.2853 and 120.96 yen late Monday in New York.
The dollar sat at 94.21 yen, from 94.10 yen.
However, Tim Waterer, senior trader at CMC Markets in Sydney, said: "The market is not convinced that what we have seen in Cyprus will not have long-term effects on the eurozone."
On Wall Street the Dow fell 0.44 percent, the S&P 500 eased 0.33 percent and the Nasdaq finished 0.30 percent lower.
Until Dijsselbloem's comments markets had been cheering the agreement in Brussels that meant Cyprus will receive a 10 billion euro rescue and save it from a possible exit from the eurozone.
Oil prices rose, New York's main contract, light sweet crude for delivery in May, gaining five cents to $94.86 a barrel and Brent North Sea crude for May up eight cents to $108.25.
Gold was at $1,596.27 an ounce at 1015 GMT compared with $1,602.70 late on Monday. - With report from ANC and Agence France-Presse
source: abs-cbnnews.com
