MANILA – Both the peso and main equities index ended sideways Wednesday on optimism that economies will regain footing from the effects of the pandemic.
The Philippine Stock Exchange index (PSEi) rose for the second consecutive day with an uptick of 0.03 percent, or 1.99 points, to 6,209.71 points.
All Shares increased by 0.15 percent, or 5.58 points, to 3,650.75 points.
Most of the sectoral gauges also rose, led by the Industrial, which posted an improvement of 1.45 percent.
It was trailed by the Property counter, which increased by 0.71 percent; Mining and Oil, 0.18 percent; and Financials, 0.15 percent.
Holding Firms fell by 0.62 percent and Services by 0.45 percent.
Volume totaled 1.45 billion shares and amounted to PHP15.7 billion.
Losers led gainers at 98 to 95, while 47 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the confidence in the local bourse during the day to optimism for another stimulus program in the US, hopes for the eventual production of vaccine against the coronavirus disease, and the re-opening of more economies.
He cited news reports wherein Federal Reserve chairman Jerome Powell, during a Congressional inquiry, was quoted as saying economic recovery will depend on the government’s success in containing Covid-19 infections.
US Treasury Secretary Steven Mnuchin, during the same Congressional event, said the world’s largest economy is in a strong position to recover from the pandemic.
At home, the local currency finished the day at 49.82, almost unchanged from its 49.83 close Tuesday.
It opened the day at 49.76, little changed from its 49.75 start a day ago.
It traded between 49.87 and 49.76, resulting in an average of 49.813.
Volume totaled to USD681.45 billion, higher than the USD642.73 million a day ago. (PNA)
