Business and Economy
PSEi up, PHP remains firm amid strong USD
Risk sentiment hurt the Philippine peso Wednesday but the stocks market managed to keep afloat. (Photo by Katrina.Tuliao (https://www.tradergroup.org) [CC BY 2.0)
Positive investors response on developments on global oil supply, with some major producers deciding to limit production until next year to reign in prices, helped boost the Philippine Stocks Exchange index (PSEi), which rose 0.46 percent, or 35.46 points, to 7,826.53 points.
All Shares tracked the main index after inching up 0.23 percent, or 10.86 points, to 4,653.01 points.
Mining and Oil led the sectors with a 0.63 percent increase followed by Services, 0.52 percent, and Industrial, 0.47 percent.
Both the Financials and the Holding Firms went up 0.38 percent and only the Property ended on the red after it fell 0.12 percent.
Volume for the day reached 1.41 billion shares amounting to PHP8 billion.
Decliners led losers at 98 to 92 while 58 stocks did not move.
The local currency shed PHP0.08 and ended the day at 49.76 from 49.68 Tuesday.
A trader attributed this to pull of foreign assets on expectations of further normalization of US interest rates.
The local unit’s weakness during the day showed early on after it opened at 49.71 from 49.60 a day ago.
It traded between its opening level and 49.77 resulting to an average of 49.74.
Volume for the day reached USD453.5 million, way lower than the USD701 million a day ago.
The currency pair is seen to trade between 49.60 and 49.80 Thursday.
