MANILA – The Philippine Stock Exchange index (PSEi) rose for the second consecutive day Wednesday on investors’ hope that US Congress will approve the proposed stimulus measure, but the peso weakened against the greenback.
The main stocks gauge rose to 5,027.76 points, up by 5.31 percent or 253.49 points.
Regina Capital Managing Director Luis Limlingan said investors’ optimism over a stimulus program for the US lifted sentiments after US House Speaker Nancy Pelosi indicated hopefulness that a deal would be reached within the day.
Reports said President Donald Trump wants to reopen the US economy by Easter, April 12 this year, after the 15-day social distancing period recommended by public health experts.
With this news, stocks rallied with the All Shares up by 3.98 percent, or 117.18 points, to 3,065.13 points.
Holding Firms posted the biggest increase among the sectors with 5.64 percent and was trailed by the Property, 5.36 percent; Financials, 4.98 percent; Industrial, 4.30 percent; Services,3.74 percent; and Mining and Oil, 2.80 percent.
Volume totaled to 929.07 million shares amounting to PHP8.3 billion.
Gainers led losers at 158 to 44, while 29 shares were unchanged.
On the other hand, the local currency depreciated to 51.14 from Tuesday’s 50.9 close.
It opened the day at 50.85, better than its 51.2 start in the previous session.
It traded between 51.27 and 50.8, resulting in an average of 51.048.
Volume totaled to USD642.6 million, higher than the USD563.9 million a day ago. (PNA)
