MANILA – Risk-on sentiments sustained the rise of the local main equities index Wednesday and these also benefited the local currency.
The Philippine Stock Exchange index (PSEi) rallied for the sixth consecutive day and ended the trade at 6,245.65 points, up by 3.66 percent or 220.48 points.
All Shares jumped by 3.001 percent, or 106.59 points, to 3,658.31 points.
Property registered the highest increase among the sectors with an uptick of 5.78 percent, and was followed by the Financials, 5.03 percent; Holding Firms, 2.94 percent; Mining and Oil, 2.17 percent; Services, 1.98 percent; and Industrial, 1.65 percent.
Volume totaled to 1.31 billion shares amounting to PHP8.25 billion.
Advancers led decliners at 143 to 59, while 44 shares were unchanged.
“Philippine stocks rose as traders focused on the reopening of the regional economies from the coronavirus pandemic even amid civil unrest around the US,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
Key risks include reports of the second wave of infection in some countries, the US-China trade war, unrest in the US, and the upcoming US elections “with (former US Vice President) Joe Biden openly contesting against discrimination.”
At home, the peso ended the day’s trade at 50.1 against a greenback from its 50.34 close a day ago.
It opened the trade at 50.18, an improvement from its 50.31 start in the previous day.
It traded between 50.23 and 50.1, resulting in an average of 50.17.
Volume totaled to USD855.72 million, lower than then USD877.1 million a day ago. (PNA)
