PSEi recovers, PHP holds on amid lingering Turkey jitters

PSEi gained 0.18 percent, or 13.14 points, to 7,540.92 points, which a trader said is a given after days of selling. (Shutterstock photo)

MANILA — Bargain hunting allowed the Philippine Stock Exchange index (PSEi) to recover Wednesday and the peso managed to end sideways against the greenback even with risk-off sentiment remaining high still due to Turkey’s financial meltdown.

PSEi gained 0.18 percent, or 13.14 points, to 7,540.92 points, which a trader said is a given after days of selling.

The trader said investors remained cautious despite the rebound of the Turkish Lira since conflict between Turkey, which is currently experiencing fiscal crisis, and the US continues after the former imposed additional tariff on US imports.

The rise in the main stocks gauge was tracked by the All Shares, which increased by 0.35 percent, or 16.13 points, to 4,595.05 points.

It was, however, a mix among the sectors with the Financials, Industrial, and Holding Firms rising by 1.005 percent, 0.58 percent and 0.06 percent, respectively.

On the other hand, Mining and Oil fell by 1.55 percent and was followed by the Services, 0.32 percent; and Property, 0.06 percent.

Volume reached 1.97 billion shares amounting to Php5.1 billion.

Gainers led losers at 113 to 91 while 60 shares were unchanged.

Meanwhile, the local currency ended the day at 53.47 from 53.39 a day ago, which a trader again pointed to Turkey-related concerns.

The unit opened the day at 53.45 from 53.5 in the previous session.

It ranged between 53.535 and its opening level, bringing the day’s average to 53.499.

Volume of trade reached USD585.9 million, down from day-ago’s USD693 million.

The currency pair is seen to trade between 53.30 and 53.50 Thursday.