MANILA – Risk-on sentiments buoyed the local stock barometer on Thursday and this benefited the local currency.
The Philippine Stock Exchange index (PSEi) rose by 1.37 percent, or 96 points, to 7,122.45 points.
All Shares gained 1.25 percent, or 46.28 points, to 3,759.96 points.
Most of the sectoral indices tracked the main index namely Financials, 3.39 percent; Services, 1.90 percent; Property, 1.31 percent; Holding Firms, 0.64 percent; and Industrial, 0.52 percent.
Only the Mining and Oil index finished in the negative territory after it fell by 1.30 percent.
Volume reached 1.43 billion shares amounting to PHP7.5 billion.
Advancers led decliners at 123 to 62, while 49 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said the Federal Open Market Committee’s (FOMC) decision to hike the Federal Reserve’s key rates by 25 basis points to between 0.25-0.50 percent had a positive impact on investor’s sentiment.
The rate hike is the first since December 2018 and was made to help temper the surging consumer price index (CPI) in the US.
Limlingan also cited the Fed’s hint of six more rate hikes throughout the year.
“The market movement was also influenced by the positive development on the ongoing peace talks between Ukraine and Russia, as reported by the media,” he said.
Another plus factor to investors’ sentiment is the statement by Socioeconomic Planning Secretary Karl Kendrick Chua that the government’s growth target for the year remains attainable amidst the impact of the geopolitical conflict overseas on domestic prices.
He said economic activities are expected to further improve after the government eased movement restriction in the country to Alert Level 1 which, among others, allowed for the continued increase in the number of schools that implement face-to-face classes.
Meanwhile, the local currency finished the day at 52.14 against the US dollar, an improvement from its 52.31 close Wednesday.
It opened the day at 52.18 and traded between 52.22 and 52.1. Average level for the day stood at 52.167.
Volume reached USD998.2 million, lower than the previous session’s USD1.05 billion. (PNA)
