MANILA – News about efforts to avert a global slowdown due to the impact of the coronavirus disease 2019 (Covid-19) mainly lifted Philippine stocks Thursday, while the peso ended sideways.
The Philippine Stock Exchange index (PSEi) gained 0.26 percent, or 17.51 points, to 6,884.77 points.
BPI Research said the main equities gauge’s close for the day is in line with its counterparts in Asia, noting the fresh efforts done by institutions to prevent a major global recession.
This, after the World Bank (WB) and the International Monetary Fund (IMF) announced aid package aimed at helping low-income and emerging economies affected by the epidemic cope up with the economic and health impacts of the virus.
Also, the US Congress has allocated an USD8-billion funding plan to counter the impact of Covid-19 since the country has also registered number of cases and deaths from the virus.
These measures lifted investors’ sentiment resulting in the rise of majority of indices in the local bourse.
All Shares increased by 0.14 percent, or 5.81 points, to 4,094.87 points.
Industrial led the sectors after rising by 0.92 percent and was trailed by Mining and Oil, 0.90 percent; Financials, 0.78 percent; Holding Firms, 0.20 percent; and Services, 0.05 percent.
Only the Property index ended in the red with a drop of 0.40 percent.
Volume totaled to 978.55 million shares amounting to PHP6 billion.
Gainers led losers at 97 to 76, while 57 shares were unchanged.
The local currency finished the day at 50.585 to a dollar from its 50.551 close a day ago.
It opened the day at 50.6, sideways from its 50.68 start in the previous session.
It traded between 50.64 and 50.575, resulting in an average of 50.604.
Volume totaled to USD945.45 million, lower than the USD1.19 billion in the previous session.
BPI Research forecasts the peso to trade between 50.50 and 50.80 on Friday. (PNA)
