MANILA -- Philippine shares recovered Wednesday after China announced tariff exemptions on some US products while the peso depreciated after a three-day rally.
The Philippine Stock Exchange index (PSEi) improved by 0.49 percent, or 38.42 points, to 7,967.90 points, which BPI Research pointed to news that China will give tariff exemptions to 16 types of US goods, excluding soybeans and pork, from September 7, 2019 until September 16, 2020.
This news increased investors’ sentiment, resulting to the positive close of all the counters.
All shares increased by 0.38 percent, or 18.37 points, to 4,804.82 points.
Mining and Oil registered the highest increase at 1.28 percent and was followed by the Property, 0.83 percent; Industrial, 0.67 percent; Holding Firms, 0.54 percent; Services, 0.21 percent; and Financials, 0.01 percent.
Volume was thin at 713.5 million shares amounting to PHP6.66 billion.
Gainers led losers at 119 to 65 while 58 shares were unchanged.
On the other hand, the peso ended the day at 52.15 from the previous day’s 51.98.
It opened the day at 52.05, sideways from Tuesday’s 51.9 start.
It traded between 52.195 and 52.050, resulting to an average of 52.133.
Volume reached USD1.436 billion, lower than the USD1.495 billion a day ago.
The currency pair is seen to trade between 52.05 and 52.25 on Thursday. (PNA)
