MANILA – Both the local bourse and currency bounced back on Thursday’s trading.
The Philippine Stock Exchange index (PSEi) rose 0.72 percent or 48.72 points to 6,834.66 as investors reverted to buying local shares.
All shares also improved by 0.40 points or 16.85 points to 4,232.11, with all sectors ending the trading in the positive territory.
Mining and Oil shares had the biggest gain on Thursday’s trading, rising by 2.11 percent or 195.87 points to 9,491.10.
This is followed by Industrial index, up by 0.91 percent or 90.56 points to 10,075.68; Services by 0.89 percent or 15.74 points to 1,780.03; Property by 0.83 percent or 25.31 points to 3,068.07; Holding Firms by 0.59 percent or 40.16 points to 6,818.70; and Financials by 0.29 percent or 4.12 points to 1,441.67.
Over 1.5 billion shares were traded during the day, amounting to PHP6.92 billion.
Advancers outnumbered decliners at 110 to 86, while 58 were left unchanged.
“Investors reverted back on buying local shares as mixed economic reports in the US swayed investors to return back into the Philippines,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The gains can be also attributed to a lower manufacturing index in the United States for the month of August, which settled at 61.1 compared to the consensus estimate of 61.2.
“On the other hand, private payrolls in August only rose 374,000, well below the consensus estimate of 600,000,” Limlingan added.
Meanwhile, the peso gained PHP0.24 on Thursday’s trading.
The local currency strengthened to 49.83 against the US dollar from the previous day’s closing of 50.07 to a dollar.
The peso and dollar traded from a low of 49.83 to a high of 50.13.
Total trade climbed to USD1.15 billion from Wednesday’s USD1.05 billion volume. (PNA)
