MANILA -- The Philippine Stock Exchange index (PSEi) recovered Wednesday after a two-day slide while the peso continued its sideways close against the US dollar as investors kept their wait-and-see stance on developments primarily in the US.
The main equities gauge improved by 0.65 percent, or 50.23 points, to 7,786.41 points
BPI Research said stocks gained on hopes that US would delay the implementation of new tariff on Chinese goods, which was set on December 15, 2019.
This, as trade talks between the US and China remain unresolved.
With this optimism, some of other counters in the local bourse also gained during the day, with All Shares index up by 0.30 percent, or 13.65 points, to 4,623.66 points.
Most counters tracked the main index, led by Property, which rose 1.43 percent, and was trailed by Services, 1.02 percent; Financials, 0.73 percent; and Industrial, 0.31 percent.
Mining and Oil declined by 0.55 percent and Holding Firms by 0.34 percent.
Volume reached 666.15 million shares amounting to PHP5.29 billion.
Advancers led decliners at 98 to 86, while 53 shares were unchanged.
Meanwhile, the local currency ended the day at 50.81 from 50.735 against the dollar on Tuesday.
BPI Research attributed this to the stronger dollar and the government’s decision to have a tighter range for its 2019 domestic growth target from 6 to 7 percent to 6 to 6.5 percent.
The peso opened the day at 50.70, better than its 50.82 start in the previous session.
It traded between 50.87 and 50.695. The average level for the day stood at 50.763 from 50.736 a day ago.
Volume totaled to USD782.8 million, higher than the USD742.36 million a day ago.
The currency pair is seen to trade between 50.70 and 50.90 on Thursday. (PNA)
