Stocks rise anew; peso sustains sideways movement vs. dollar

MANILA – The Philippine Stock Exchange index (PSEi) gained for the second consecutive day Wednesday and this helped buoy the local currency.
The main equities gauge rose by 0.12 percent, or 7.75 points, to 6,566.83 points.
All Shares increased by 0.27 percent, or 10.63 points, to 3,964.78 points.
Most of the sectoral indexes also gained during the day namely the Services, 0.70 percent; Financials, 0.42 percent; Industrial, 0.31 percent; and Holding Firms and Mining and Oil, both rose by 0.16 percent.
Only the Property index ended the day in the negative territory after it slipped by 0.52 percent.
Volume totaled 4.62 billion shares amounting to PHP6.85 billion.
Gainers led losers at 122 to 94, while 47 shares were unchanged.
“Philippines shares were slowly bought up once again as investors anxiously await the conclusion of the Fed’s two-day policy meeting in which the central bank is expected to release new rate forecasts,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Meanwhile, the peso continues its sideways close against the US dollar after finishing the day’s trade at 48.725 from its 48.635 close a day ago.
It opened the day at 48.65 and traded between 48.577 and 48.74.
Average level for the day stood at 48.658.
Volume totaled USD793.7 million, higher than the previous session’s USD721.9 million. (PNA)

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Credit belongs to : www.pna.gov.ph

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