MANILA – Both the local main equities index and the peso, which improved to the 47-level, ended Thursday on a positive note, partly on bargain hunting.
The Philippine Stock Exchange index (PSEi) rose by 5.11 percent, or 323.90 points, to 6,665.14 points.
All Shares increased by 3.48 percent, or 135.53 points, to 4,034.92 points.
All the sectoral gauges also gained during the day, led by the Holding Firms, which rose by 7.65 percent.
Property index increased by 6.13 percent, Industrial, 3.75 percent; Financials, 0.78 percent; Mining and Oil, 0.67 percent; and Services, 0.23 percent.
Volume totaled 2.29 billion shares amounting to PHP23.81 billion.
Gainers led losers at 145 to 60, while 39 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, traced the PSEI’s rise still to the impact of the rebalancing of the Morgan Stanley Capital International (MSCI) world index, as well as window dressing.
He said “sentiment overseas was swayed” as investors focused on retailers, travel, and leisure companies.
“The US Treasury yields also declined, suggesting that inflation concerns have subsided,” he said, citing Federal Reserve officials’ statement that the inflation uptick is transitory.
“So, eyes will be tuned to the release of the personal consumption expenditure index,” he added.
Meanwhile, the peso improved against the US dollar and closed the trade at 47.985 from 48.15 a day ago.
It opened the day sideways at 48.18 from its 48.125 start in the previous session.
It strengthened to 47.977 but also touched 48.19, resulting in an average of 48.091.
Total volume reached USD1.09 billion, higher than the USD746.88 million a day ago. (PNA)
