PSEi gains, peso strengthens as market sentiment improves

Bargain-hunting sustained the rise of the Philippine Stock Exchange index (PSEi) on Wednesday and the Philippine peso improved against the U.S. dollar.

The local bourse’s main index rose 0.17 percent to 6,116.53 points, and the broader All Shares by 0.04 percent to 3,385.85 points,

Half of the sectoral gauges followed, namely the Services, up 1.59 percent; Mining and Oil, 0.55 percent; and Industrial, 0.05 percent.

On the other hand, Holding Firms slipped 1.29 percent, Property, 0.82 percent; and Financials, 0.12 percent.

Volume reached nearly 940 million shares, amounting to PHP5.9 billion.

Decliners led advancers at 106 to 88, while 55 shares were unchanged.

“The local index closed slightly higher as trading remained cautious, with investors continuing to focus on selected index heavyweights. Market sentiment also improved as the Philippine peso showed some relief against the US dollar,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

He, however, noted that “upside remained limited as investors maintained a selective approach amid prevailing economic uncertainties.”

The local currency gained after it finished the day at 62.51 against the greenback, from its 62.62 close Tuesday.

It opened the trade at 62.5, and ranged between 62.43 and 62.55. The average for the day stood at 62.48.

Volume reached USD1.68 billion, up from day-ago’s USD1.39 billion.

-PNA / Joann Villanueva