PH stocks index rises; peso moves sideways vs. USD

MANILA – The Philippines’ main stocks index rose on Thursday tracking US counterparts but the peso finished barely changed against the greenback.

The Philippine Stock Exchange index (PSEi) increased by 0.20 percent, or 14.64 points, to 7,311.72 points.

All Shares inched up by 0.19 percent, or 8.68 points, to 4,474.92 points.

Half of the sectoral indexes also gained during the day, and these are the Mining and Oil, 2.18 percent; Holding Firms, 1.42 percent; and Industrial, 0.23 percent.

On the other hand, Financials slid by 1.86 percent, Services by 0.14 percent, and Property by 0.05 percent.

Volume totaled 1.06 billion shares amounting to PHP10.15 billion.

Advancers led decliners at 105 to 85 while 55 shares were unchanged.

“Philippine shares closed slightly higher tracking the performance of the US market as investors parsed the Fed’s latest Beige Book reading,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He was referring to the Federal Reserve’s report, which noted the modest to a moderate expansion of the world’s largest economy due in part to elevated inflation and labor shortages.

On the other hand, the peso finished the day at 50.81 to a US dollar from 50.79.

It opened the day at 50.8 and traded between 50.865 and 50. 77. The average level for the day stood at 50.815.

Volume declined to USD704.19 million from the previous day’s USD781.67 million. (PNA)

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Credit belongs to : www.pna.gov.ph

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