MANILA – Local shares gained on Wednesday but the peso weakened against the US dollar on assurance from the Federal Reserve that the inflation upticks in the US were transitory.
The Philippine Stock Exchange index (PSEi) gained by 0.70 percent, or 48.00 points, to 6,918.41 points.
The optimism buoyed all the counters, with the All Shares up by 0.49 percent, or 20.69 points, to 4,203.59 points.
Property index registered the highest increase among the sectoral gauges after it rose by 1.80 percent and was trailed by the Services and Mining and Oil, both increased by .90 percent; Industrial, 0.63 percent; Financials, 0.13 percent; and Holding Firms, 0.10 percent.
Volume reached 4.2 billion shares amounting to PHP6.14 billion.
Gainers led losers at 116 to 94, while 52 shares were unchanged.
“Philippine shares climbed anew as (Federal Reserve Chairman Jerome) Powell reiterated that the inflation pressures are only transitory and the economy is gradually working its way out of the pandemic,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
He said Powell also “maintained that the Fed would be patient in scaling back the current monetary policy due to the ‘unusual setting of reopening the economy.”
Meanwhile, the peso ended the day at 48.805 against the greenback, weaker than its 48.7 close a day ago.
It opened the day at 48.695 and traded between 48.85 and 48.68.
Average level for the day stood at 48.791.
Volume totaled to USD1.10 billion, higher than the previous session’s USD1.07 billion. (PNA)
