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MANILA – After falling to the 6,400-mark, the Philippine Stock Exchange index (PSEi) bounced back on Thursday as investors digest the possible impacts to the market of the Fitch Rating’s downgrade of the United States credit rating.
The PSEi climbed back to 6,576.76 gaining by 93.48 points, with all shares closing at 3,499.49, up by 35.63 points.
All sectors ended in the green except for Mining and Oil, which declined by 62.01 points to 10,210.37.
Regina Capital Development Corp. head of sales Luis Limlingan said global oil prices fell across financial markets, with price of West Texas Intermediate losing USD1.88 per barrel and Brent crude down by USD1.71 a barrel.
Meanwhile, Industrial recorded the largest gains, adding 151.15 points, followed by Property, up by 63.57 points; Holding Firms, 60.91 points; Financials, 23.24 points; and Services, 10.12 points.
“Back home, investors brushed off the possible implication of Fitch's surprise US sovereign credit downgrade on the health of the global economy, by looking forward to the upcoming July CPI (consumer price index) and more earnings arriving in the coming days,” Limlingan said.
Advancers outpaced decliners at 99 to 81, with 50 counters left unchanged.
Total shares traded amounted to PHP3.95 billion.
Meanwhile, the local currency continued to depreciate on Thursday, shedding 0.33 to 55.52 against a US dollar from 55.19 finish the previous day.
It started the day weak at 55.30 from last day’s opening of 54.84.
The peso traded between 55.27 and 55.57, bringing the average level to 55.39 to the greenback.
Total volume of trade increased to USD1.28 billion from USD1.11 billion the previous day. (PNA)
