WAITING FOR HINTS. The wait-and-see stance for Federal Reserve Chair Jerome Powell's speech at the Jackson Hole conference has resulted in the positive close of both the Philippines main stocks index and the peso on Thursday (Aug. 25, 2022). An economist said investors are waiting for hints on the US monetary authorities' moves to address inflation as well as on key rates. (PNA graphics)
MANILA – Risk appetite returned to the local bourse on Thursday, allowing the main index to close higher, which the peso mirrored.
The Philippine Stock Exchange index (PSEi) gained 0.95 percent, or 62.98 points, to 6,706.43 points.
All Shares followed with a jump of 0.68 percent, or 23.95 points, to 3,565.28 points.
Most of the sectoral indices gained during the day, led by Holding Firms after it rose by 1.63 percent, and followed by Financials index, 1.25 percent; Industrial, 0.39 percent; Property, 0.35 percent; and Services, 0.30 percent.
Only Mining and Oil shed during the day, falling 0.40 percent.
Volume rose to 1.28 billion shares amounting to PHP3.99 billion.
Advancers led decliners at 100 to 86, while 34 shares were unchanged.
“Philippine shares closed above the 6,700 level as the (Wall) Street awaits the start of the Jackson Hole economic symposium, which begins Thursday with Federal Chair Jerome Powell scheduled to speak the following morning,” said Luis Limlingan, Regina Capital Development Corp. head of sales. “Traders will be listening for more information about how the Fed will combat high inflation and if policymakers may cut rates when the current hiking cycle is over.”
Meanwhile, the local currency finished at 56.06, little changed from its 55.07 close on Tuesday.
There was no trading on Wednesday after government work and classes in public schools were suspended for August 23 and 24 due to Severe Tropical Storm Florita.
It opened the day at 55.95 and traded between 55.09 and 55.90, averaging 55.008.
Volume reached USD1.058 billion, higher than the USD864.05 million in the previous session. (PNA)
