MANILA -- The Philippine Stock Exchange index (PSEi) recovered on Thursday in line with the performance of other bourses in the region but the peso weakened after a rate cut decision by Bank Indonesia.
The PSEi gained 0.22 percent, or 17.22 points, to 7,950.98 points, which BPI Research attributed to risk-on sentiment in the region during the day.
However, All Shares slightly rose after ending the day at 4,780.16 points, up 0.04 percent or 1.96 points.
Most of the sectors tracked the main index, led by Mining and Oil with a rise of 0.59 percent. Financials, Holding Firms, and Property rose by 0.55 percent, 0.44 percent, and 0.27 percent, respectively.
On the other hand, Industrial declined by 0.93 percent and Services by 0.001 percent.
Volume was thin at 660.11 million shares amounting to PHP5.2 billion.
Losers led gainers at 104 to 80, while 51 shares were unchanged.
On the other hand, the peso ended the day at 51.24 from 50.97 a day ago.
The BPI Research partly traced the depreciation to the fourth interest rate cut for the year of Indonesia’s central bank, which is targeted to boost domestic growth.
For the day, the local currency opened better at 51.00 compared to its 51.23 start in the previous session.
It traded between 51.29 and 50.92, resulting in an average of 51.061.
Volume totaled USD1.225 billion, higher than the USD1.162 billion a day ago.
The currency pair is seen to trade between 51.10 and 51.35 on Friday. (PNA)
