MANILA – The strong local currency and investors’ hopes for a monetary policy easing in the United States supported the bellwether Philippine Stock Exchange index (PSEi) on Thursday.
The PSEi closed gaining 0.89 percent at 6,961.96, while All Shares also increased 0.68 percent to the 3,749.73 level.
Four counters closed in the green territory – Financials (+2.52 percent), Holding Firms (+0.73 percent), Services (+0.72 percent), and Industrial (+0.32 percent).
The Property and Mining and Oil sub-indices closed weaker by 0.67 and 0.06 percent, respectively.
“Local shares concluded the shortened trading week in the green after the Fed’s July meeting minutes indicated a potential rate cut in September, boosting investor optimism,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“Most Fed officials signaled that easing monetary policy would be appropriate if economic data meets expectations, raising hopes for lower interest rates soon. All eyes are now on Fed Chair Jerome Powell, who is set to speak at the Jackson Hole Economic Symposium on Friday, potentially offering further guidance on the Fed’s next steps.”
Gainers led losers on the last day of trading this week at 1117 to 80, leaving 43 counters unchanged.
Meanwhile, the Philippine peso closed at 56.33 to the US dollar, 0.17 stronger than Wednesday’s 56.50-finish.
The local currency started the day at 56.33 from its 56.40 kick-off the previous day.
The peso and dollar traded between 56.28 and 56.38, bringing the day’s average to 56.33 to the greenback.
Volume of trade inched up by USD1 million to USD1.59 billion from the previous day’s volume. (PNA)
