MANILA – Positive sentiments reigned in the local bourse on Thursday despite the geopolitical concerns overseas, while the peso managed to keep its stance against the US dollar.
The Philippine Stock Exchange index (PSEi) recovered and rose by 1.15 percent, or 84.07 points, to 7,388.09 points.
All Shares followed with a jump of 0.97 percent, or 37.68 points, to 3,918.42 points.
Mining and Oil surged by 4.83 percent and was trailed by Services, 2.35 percent; Holding Firms, 1.10 percent; Property, 1.05 percent; Industrial, 0.88 percent; and Financials, 0.21 percent.
Volume reached 1.82 billion shares amounting to PHP8.26 billion.
Advancers led decliners at 121 to 76, while 41 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said the main index improved amid the rising prices of oil in the international market.
This was partly attributed to indications from Federal Reserve chair Jerome Powell’s statement that he was willing to propose a 25 basis points hike in the Fed’s key rates at the Federal Open Market Committee’s (FOMC) meeting this month or possibly more aggressive hikes later in the year.
Limlingan said US monetary authorities expect inflation, which rose to its four-decade high of 7.5 percent last January, to peak and start to decelerate this year.
With these developments, the local currency finished the day’s trade at 51.5 from 51.42 on Wednesday,
It opened the day at 51.43 and traded between 51.5 and 51.42.
The average level for the day stood at 51.47.
Volume declined to USD789.38 million from the previous day’s USD1.03 billion. (PNA)
