PH stocks recover, peso ends flat against US dollar

MANILA — The Philippine Stock Exchange index (PSEi) recovered from a two-day decline on Thursday as investors engaged in bargain hunting, while the Philippine peso ended unchanged against the US dollar.

The benchmark PSEi gained 0.24 percent to close at 6,283.12 points, while the broader All Shares index increased 0.17 percent to 3,427.07 points.

Most sectoral indices finished higher, led by the Financials sector, which rose 1.20 percent. It was followed by Holding Firms, up 0.42 percent; Industrial, 0.09 percent; and Property, 0.08 percent.

Meanwhile, the Mining and Oil index declined 1.10 percent, while the Services index dropped 0.44 percent.

Trading remained subdued, with total volume reaching nearly 586.89 million shares valued at PHP5.23 billion.

Market breadth was slightly positive, with 93 gainers against 85 decliners, while 59 stocks remained unchanged.

In a market report, Philstocks Research said bargain hunting dominated trading during the session, although investor sentiment remained cautious due to thin market turnover.

"The cautious backdrop is attributed to the downside risks caused by the US-Iran war, including the rise in global prices and the weakening of the peso against the US dollar," the report said.

Meanwhile, the Philippine peso regained stability against the US dollar, closing unchanged at 61.75.

The local currency opened at 61.74, slightly higher than the previous day's close of 61.73, and traded between 61.72 and 61.75 during the session. The average exchange rate stood at 61.74.

Trading volume reached USD1.53 billion, higher than the previous day's USD1.27 billion.

-Philippine News Agency