PSEi recovers, peso sideways amid rising US Treasury yields

MANILA—Investors continue to offload their holdings of Philippines stocks as US Treasury yields continue to climb but the local bourse’s main index recovered after a two-day slide and the peso remain resilient.

The Philippine Stock Exchange index (PSEi) gained 1.52 percent, or 108.95 points, to 7,283.25 points, which was attributed to bargain hunting.

A trader said some investors were still offloading their shares but this was countered by positive earnings among listed firms and the bargain hunters.

All Shares went up 1.05 percent, which the trader said was a sign of the healthy sentiment in the local equities market.

Financials led rises with a 1.68 percent jump followed by Holding Firms, 1.59 percent; Services, 1.53 percent; Property, 1.12 percent; Mining and Oil, 0.86 percent; and Industrial, 0.53 percent.

Trade volume reached 1.29 billion shares amounting to Php 7.6 billion.

Advancers led decliners at 113 to 75 while 48 shares were unchanged.

The peso finished the trade at 49.97 from 49.92 a day ago.

A trader said this close was in line with counterparts in the region as the US dollar rallied because of rise in US Treasury yields.

Corporate demand for the greenback also helped lift the dollar, the trader said.

The local currency opened better at 49.89 from the previous session’s 49.94.

It traded between 49.88 and 49.98 bringing the day’s average to 49.92.

Volume of trade reached USD376.5 million, higher than the USD319.5 million Wednesday.

The peso is seen to trade between 49.70 and 49.90 to a dollar Friday.