Recovery in local markets sustained

The currency pair is seen to trade between 52.50 and 52.70 Thursday. (File Photo by Allan Ajifo,CC BY 2.0)

MANILA — The slight easing of global trade tensions following reports that China will reduce tariffs on US-made cars, allowed the Philippine peso to regain its footing against the greenback while the main equities gauge also advanced for the second consecutive day.

The local unit ended Wednesday at 52.715 from 52.77 a day ago, which a trader said was due China’s modest effort to appease the US by cutting tariffs on automotive imports.

Its positive close manifested early on after it started the day at 52.69 from 52.83 in the previous session.

It further strengthened to 52.635 but also touched 52.73, bringing the day’s average to 52.665.

Volume reached USD765.15 million, lower than USD906.85 million a day ago.

The currency pair is seen to trade between 52.50 and 52.70 Thursday.

Also, the Philippine Stock Exchange index (PSEi) finished the day’s trade at 7,488.24 points, up by 0.50 percent or 37.16 points.

The broader All Shares also went up and increased by 0.35 percent, or 15.82 points, to 4,494.55 points.

It was a balance among the sectors with half finishing up during the day namely the Holding Firms, 1.78 percent; Mining and Oil, 0.51 percent; and Industrial, 0.13 percent.

On the other hand, Financials, Services, and Property ended on the red after giving up 0.57 percent, 0.26 percent; and 0.14 percent, respectively.

Volume reached 990.03 million shares amounting to PHP11.9 billion.

Gainers led losers at 98 to 85 while 44 shares were unchanged.