MANILA -- Bargain hunting lifted the Philippine Stock Exchange index (PSEi) Wednesday but the peso ended sideways against the greenback as investors remain cautious on economic news overseas.
The main equities gauge managed to rise to the positive territory with a 0.04 percent, or 3.22 points jump to 7,733.67 points, which a trader attributed to bargain hunting given PSEi’s see-saw trend for weeks now.
All Shares index rose 0.11 percent, or 4.93 points, to 4,587.99 points.
Most of the sectoral counters trailed the main index, led by the Services with 0.42-percent uptick. It was followed by the Holding Firms, 0.39 percent; Industrial, 0.26 percent; and Property, 0.24 percent.
On the other hand, Financials declined by 1.07 percent and Mining and Oil, 0.22 percent.
Volume increased to 1.49 billion shares amounting to PHP7.8 billion.
Gainers surpassed losers at a close range of 93 to 91, while 59 shares were unchanged.
Meanwhile, the local currency finished the day’s trade at 50.63 from 50.58 a day ago.
A trader pointed to news of a possible hard Brexit after UK Prime Minister Boris Johnson indicated a plan to pass a measure that will bar the country from extending its transition beyond next year.
The trader also said investors remain jittery pending the signing of the first phase of the US-China trade pact.
Despite these, the peso opened the day little changed at 50.57 from its 50.6 start in the previous session.
It traded between 50.65 and 50.56, resulting in an average of 50.597.
Volume of trade reached USD762.1 million, higher than the USD670.14 million a day ago.
The peso is seen to trade between 50.60 and 50.80 to a US dollar on Thursday. (PNA)
