MANILA – Risk-on sentiments reigned in the local bourse on Wednesday, with the main index rising to the 7,000-level, but the peso weakened against the US dollar.
The main equities index increased by 1.09 percent, or 76.21 points, to 7,057.45 points.
All Shares also gained during the day after it rose by 1.17 percent, or 50.97 points, to 4,409.14 points.
The Property index posted the highest jump at 2.36 percent and was trailed by Services, 2.32 percent; Mining and Oil, 1.42 percent; Financials, 1.24 percent; Industrial, 1.09 percent; and Holding Firms, 0.15 percent.
Volume totaled 2.71 billion shares amounting to PHP9.55 billion.
Gainers led losers at 113 to 92, while 41 shares were unchanged.
“Philippine shares rose on the positive momentum in the US last night after the rout in tech stocks. The solid ISM (Institute for Supply Management) Manufacturing Purchasing Index (PMI) for services showing of 61.9 for September precipitated the upbeat sentiment that drove the markets,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
The ISM-based manufacturing index in the US surpassed the consensus forecast growth rate of 59.6, which is the 16th consecutive month of expansion.
An index of above 50 shows expansion while a figure of below 50 indicates otherwise.
Meanwhile, the peso weakened to 50.88 to a US dollar from 50.65 the day before.
It opened the trade at 50.64, better than the previous session’s start of 50.82.
It traded between 50.9 and 50.61, resulting in an average of 50.76.
Volume totaled USD963 million, lower than the previous day’s USD1.02 billion. (PNA)
