MANILA – Both the Philippine Stock Exchange index (PSEi) and peso closed Thursday’s trading with gains as global oil prices cooled off.
The PSEi ended the day improving by 1.92 percent, or 134.92 points, to 7,124.80.
All shares increased by 1.38 percent, or 51.47 points, closing at 3,783.82.
All counters ended in the green except Mining and Oil, which declined by 1.65 percent, or 226.03 points to 13,483.12.
The big winner during the day was Holding Firms, up by 2.94 percent, or 194.78 points.
This was followed by Industrial, up 172.81 points; Services, 34.99 points; Financials, 23.61 points; and Property, 8.48 points.
“Philippines shares posted sharp gains, as the recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues,” Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan said.
He cited that West Texas Intermediate (WTI) crude oil price dropped over 12 percent or USD15 to settle at USD108.7 per barrel. This plunge on WTI price was the worst since November 26.
On the other hand, European crude oil benchmark Brent also recorded its biggest one-day loss since April 2020 at USD16.8 to USD111.1 a barrel.
Meanwhile, the Philippine peso closed this day’s trading at 52.15 to the US dollar.
It slightly improved by 0.08 from Wednesday’s closing of 52.23 to a dollar.
The peso opened the day stronger at 52.12 from the previous day’s kick-off at 52.28.
The currency pair traded between 52.05 and 52.24, bringing the average level for the day at 52.15.
The total volume of trade on Thursday rose to USD1.21 billion from Wednesday’s USD1.14 billion. (PNA)
