MANILA -- The Philippine Stock Exchange index (PSEi) managed to stay firm Wednesday despite the risk-off sentiments overseas that negatively affected the peso.
BPI Research said the main equities index was mostly weak during the day but recovered before trading closed, resulting in 0.03-percent, or 2.30-point rise to 7,896.24 points.
All Shares index declined 0.02 percent, or 0.88 points, to 4,770.09 points.
Property and Holding Firms rose by 0.27 percent and 0.26 percent, respectively.
Industrial index fell by 1.44 percent; Mining and Oil, 0.80 percent; Services, 0.28 percent; and Financials, 0.15 percent.
Volume reached 617.2 million shares amounting to PHP5.78 billion.
Losers led gainers at 145 to 59, while 48 shares were unchanged.
On the other hand, the local currency ended the day at 52.21 from 52.15 a day ago against the greenback, which BPI Research pointed to pressures from developments overseas, such as the possible filing of impeachment rap against US President Donald Trump.
US Speaker of the House Nancy Pelosi announced an impeachment inquiry on Trump after news came out that he called Ukrainian President Volodymyr Zelensky to investigate the son of Trump’s rival in next year’s presidential post, Joe Biden.
This factor, along with the global growth concerns, took a hit on the peso that opened the day weaker at 52.25 compared to its 52.12 start a day ago.
It traded between 52.295 and 52.21, resulting in an average of 52.262.
Volume reached USD1.04 billion, lower than the USD1.23 billion a day ago.
The currency pair is seen to trade between 52.00 and 52.40 on Thursday. (PNA)
