MANILA – The main stocks index rose for the third consecutive day on Wednesday due in part to positive news both here and overseas that also benefited the peso.
The Philippine Stock Exchange index (PSEi) rose by 2.71 percent, or 165.88 points, to 6,278.59 points.
Risk-on sentiments lifted all counters, with the All Shares index up by 2.16 percent, or 79.59 points, to 3,760.85 points.
Financials led the sectors with a jump of 4.90 percent and was trailed by Mining and Oil, 3.85 percent; Property, 3.59 percent; Holding Firms, 2.30 percent; Services, 1.14 percent; and Industrial, 0.91 percent.
Volume reached nearly 2 billion shares amounting to PHP10.52 billion.
Gainers led losers at 163 to 49, while 39 shares were unchanged.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the further reopening of the economy and the possible easing of Metro Manila’s quarantine level to the least restrictive modified general community quarantine (MGCQ) supported positive sentiments during the day, apart from the approval by the House of Representatives of the proposed PHP4.5-trillion 2021 national budget last Friday.
Overseas, the sustained rise of US stock markets, the possibility of the approval of another stimulus package in the US before the Nov. 3 presidential polls, a Biden win in the US elections, and the possible extension of Brexit discussions to next week buoyed investors’ optimism, he said.
Ricafort forecasts the PSEi to rise to around the 6,400-level and the near term in the coming days “especially if there is a sustained breach above 6,150-6,250 in the coming days/weeks.”
Meanwhile, the peso ended the day at 48.585 from 48.62 a day ago.
It opened the day at 48.53, almost unchanged from its 48.54 start in the previous session.
It traded between 48.625 and 48.53, resulting in an average of 48.589.
Volume totaled USD710.7 million, lower than the previous session’s USD869.33 million. (PNA)