MANILA – Philippine shares started the second half of the year up on hopes for an economic rebound but the peso weakened to the 49-level against the US dollar.
The Philippine Stock Exchange index (PSEi) gained 0.90 percent, or 62.10 points, to 6,964.01 points.
All Shares rose by 0.73 percent, or 30.85 points, to 4,275.43 points.
Mining and Oil led the sectoral counters after it increased by 2.01 percent and was trailed by Holding Firms, 1.14 percent; Property, 1.06 percent; Financials, 1.04 percent; Industrial, 0.47 percent, and Services, 0.03 percent.
Volume totaled 2.93 billion shares amounting to PHP13.52 billion.
Gainers led losers at 120 to 81 while 49 shares were unchanged.
“Despite the recent high inflation reading many continue to bet that economic rebound is within reach,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
On the other hand, the local currency depreciated against the US dollar after ending the trade at 49.11, its weakest since closing at 49.15 on July 30, 2020, from its 48.8 close a day ago.
It opened the day at 48.9, weaker than its 48.6 start in the previous session.
It traded between, 49.13 and 48.9, resulting in an average of 49.004.
Volume reached USD1.35 billion, higher than the USD1.11 billion a day ago. (PNA)
