PNA graphics
MANILA – Local shares rebounded on Thursday to close above the 6,200-mark, while the local currency traded sideways.
The benchmark Philippine Stock Exchange index (PSEi) gained by 46.15 points to 6,225.78.
“After four straight sessions in negative territory, the market finally traded higher to close above 6,200. The index tracked the positive performance of US and Asian markets, with sentiment lifted by easing US treasury yields and indications of softening US private sector business activity,” China Bank Capital Corp. managing director Juan Paolo Colet said.
Another analyst Regina Capital Development Corp. head of sales Luis Limlingan said the decline in yields and better-than-expected quarterly figures from Nasdaq-listed software firm Nvidia also buoyed the sentiments of investors.
“Meanwhile, investors brushed aside BSP's (Bangko Sentral ng Pilipinas) comment that the Philippine GDP (gross domestic product) would fall lower than DBCC's (Development Budget Coordination Committee) target of 6 (percent) to 7 percent dragged investors' sentiment,” Limlingan added.
All shares increased 17.94 points, closing its counter at 3,357.57.
All sectors finished in the positive territory, led by Mining and Oil, which rose by 84.37 points to 9,933.38.
This was followed by Holding Firms, up by 43.10 points to 5,883.63; Financials, 27.79 points to 1,858.45; Property, 12.37 points to 2,598.49; Industrial, 9.34 points to 8,724.12; and Services, 4.49 points to 1,519.35.
PSEi counters that ended in the green outnumbered those in the red at 102 to 60, with shares of 47 listed firms left unchanged.
Meanwhile, the peso and US dollar exchange rate closed at 56.76 from 56.73 in the previous trade.
The local currency opened the day weaker at 56.58 from the previous day’s kick-off at 56.32.
The peso and dollar traded from a low of 56.57 to a high of 56.83, bringing the weighted average level for the day to 56.70.
Volume of trade closed lower at USD1.13 billion from USD1.56 billion on Wednesday. (PNA)
