MANILA – The local stock barometer recovered Thursday but the peso weakened due to developments on the coronavirus disease 2019 (Covid-19) and anxieties on the trade war between the US and China.
After a two-day slide, the Philippine Stock Exchange index (PSEi) recovered and gained 0.51 percent, or 28.45 points, to 5,654.70 points.
All Shares rose by 0.26 percent, or 8.67 points, to 3,408.65 points.
Most of the sectoral gauges also ended on a positive note, led by the Property, 3.25 percent; and followed by the Industrial, 0.28 percent; Services, 0.07 percent; and Mining and Oil, 0.04 percent.
On the other hand, Financials shed 0.97 percent and Holding Firms, 0.74 percent.
Volume rose to 1 billion shares amounting to PHP3.77 billion.
Losers led gainers at 114 to 56, while 53 shares were unchanged.
“Investors parked funds into the Philippine market as investors grappled with regional downbeat remarks from (Federal Reserve Chairman Jerome Powell) along with worries over the market’s valuation,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
News reports said Powell called on the US Congress and the White House to increase fiscal spending to address the impact of the global pandemic caused by coronavirus disease and ensure the support will have long-term effect.
Limlingan said trade tension between the two largest economies in the world was also among the factors that affected the market because of the “possible countermeasures on US person/corporates.”
On the other hand, the peso weakened to 50.445 Thursday from 50.26 a day ago.
It opened at 50.29, sideways from 50.32 a day ago.
It traded between 50.5 and 50.29, resulting in an average of 50.372.
Volume totaled to USD565.61 million, higher than the USD390.5 million Wednesday. (PNA)
