(PNA file graphics)
MANILA – The local bourse closed in the positive territory on Wednesday, thanks to local investors’ optimism, while peso ended flat.
The Philippine Stock Exchange index (PSEi) jumped 110.74 points, or 1.77 percent, to 6,374.68 level, with broader all shares also increasing by 51.50 points, or 1.53 percent, to 3,412.88.
All counters ended with gains, led by Industrial, which shares improved by 119.68 points to 9,042.69.
Holding Firms grew by 105.98 points to 6,058.11 points, followed by Mining and Oil, up by 60.84 points to 10,506.67; Financials, 41.55 points to 1,864.86; Property, 30.53 points to 2,637.75; and Services, 18.77 points to 1,516.82.
Philstocks Financials, Inc. research associate Claire Alviar said investors are taking advantage of buying local stocks at bargain level.
“The market increased despite the possibility of an off-cycle interest rate increase and the likelihood of a prolonged high-interest rate environment. Also, foreign investors continued to damp shares, registering a net outflow of PHP301.32 million,” she said.
Alviar said net market turnover also improved to PHP6 billion, which is higher than September’s average of PHP4.68 billion, a good level to sustain the rally.
“Only three PSEi member stocks were in the red with Bloomberry Resorts Corporation having the biggest loss of 3.45 percent,” she added.
Advancers outnumbered losers at 118 to 74, while 42 issues left unchanged.
Meanwhile, the local currency was almost flat closing at 56.95 against a US dollar from the previous day’s finish of 56.96.
The peso opened slightly weak at 56.90 from its previous opening level at 56.85 to a dollar.
The peso-dollar exchange rate traded between a low of 56.87 to a high of 56.98, bringing the average level for the day at 56.93 to the greenback.
Volume of trade increased to USD1.35 billion from Tuesday’s volume of USD1.06 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort forecast that the currency pair will trade between 56.78 and 56.98 on Thursday’s trading. (PNA)
