MANILA – The wait-and-see stance ahead of the quarterly Morgan Stanley Capital International (MSCI) review results release partly resulted in the improvement in the Philippines’ main stocks index Wednesday, which was mirrored by the peso.
The local stock barometer rose by 0.66 percent, or 43.63 points, to 6,666.86 points.
All Shares followed with a 0.38-percent, or 15.63 points, jump to 4,111.61 points.
Most of the sectoral indexes also gained including the Property, 2.71 percent; Financials and Holding Firms, both rose by 0.46 percent; and Industrial, 0.17 percent.
However, Services index dropped by 1.07 percent and Mining and Oil by 1.05 percent.
Volume reached 1.82 billion shares amounting to PHP6.83 billion.
Decliners surpassed advancers at 84 to 81, while 56 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said investors bought up in anticipation of names that may be affected by the release of the quarterly MSCI rebalancing results.
“Many are also assessing whether the country can sustain this level of expansion in the coming quarters once base effects fade,” he said, referring to the 11.8-percent growth of gross domestic product (GDP) in the second quarter of this year, which ended the five consecutive contraction since the first quarter of 2020 due to the pandemic.
Meanwhile, the peso improved against the US dollar after finishing the day’s trade at 50.38 from 50.395 a day ago.
It opened the day almost unchanged at 50.4 and traded between 50.49 and 50.37.
Average level for the day stood at 50.411.
Volume amounted to USD896.6 million, lower than the previous session’s USD898.6 million. (PNA)
