MANILA – Investors’ optimism reigned in the equities market Friday, resulting in the positive close of all the counters while the peso ended sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) rose 1.28 percent, or 91.73 points, to 7,246.16 points.
All Shares increased by 1.12 percent, or 47.81 points, to 4,318.73 points.
Property led the sectoral indices after it jumped by 2.72 percent.
It was trailed by the Mining and Oil which rose by 1.82 percent; Holding Firms, 1.17 percent; Financials, 0.84 percent; Services, 0.25 percent; and Industrial, 0.24 percent.
Volume totaled 75.93 billion shares amounting to PHP9.89 billion.
Gainers led losers at 155 to 77, while 40 shares were unchanged.
“Investors flocked back into the Philippine market as US stocks ended flat on Thursday due to disappointing unemployment data and ongoing stimulus package debates,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
Non-farm payrolls in the US rose by 245,000 in November, a drop from the previous month’s 610,000.
The optimism in the local stock market benefited the peso after it closed the week at 48.07 against the US dollar from the previous session’s 48.065.
It started the day at 48.08, little changed from the previous session’s 48.1.
It traded between 48.085 and 48.055, resulting in an average of 48.071.
Volume totaled to USD329.65 million, lower than the previous day’s USD498.1 million.
“Peso also (ended) slightly weaker after global crude prices hovered among new nine-month highs recently, thereby leading to higher oil import bill,” Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said.
He said seasonal upticks of remittances during the holidays are expected to support the local currency along with narrower trade deficit data, weak US dollar, and risk appetite on emerging markets vis-à-vis the deployment of coronavirus disease 2019 (Covid-19) vaccine.
He forecasts the peso to trade between 48.02-48.12 to a US dollar on Monday, and between 47.90-48.15 next week. (PNA)
