MANILA -- Risk-on sentiment returned in the region and supported Philippine equities Wednesday but the peso weakened due to higher-than-expected inflation rate last January.
The Philippine Stock Exchange index (PSEi) rose for the second consecutive day to 7,352.85 points, up by 1.74 percent, or 125.95 points.
All Shares increased by 1.41 percent, or 60.36 points, to 4,354.25 points.
Financials led the sectors with a jump of 2 percent, which was trailed by Property, 1.98 percent; Holding Firms, 1.75 percent; Services, 1.07 percent; Industrial, 1.006 percent; and Mining and Oil, 0.20 percent.
Volume reached 1.27 billion shares amounting to PHP9.07 billion.
Gainers led losers at 110 to 74, while 48 shares were unchanged.
On the other hand, the peso depreciated against the US dollar to 50.92 from the previous day’s 50.765 close.
A trader attributed the currency’s weakening to the government report on the rise of inflation rate last January to 2.9 percent from month-ago’s 2.5 percent due to faster food inflation, along with the impact of higher excise taxes on sin products.
The peso opened the day better at 50.7 against the day-ago’s 50.85 start.
It traded between 50.92 and 59.7, bringing the day’s average to 50.866.
Volume amounted to USD930.6 million, lower than the USD953.9 million Tuesday.
The currency pair is seen to trade between 50.70 and 51.00 on Thursday. (PNA)
