MANILA – The Philippine Stock Exchange index (PSEi) was slightly up on Wednesday's trading while the peso-dollar exchange rate was back to 56-level, tracking the performance of its Asian neighbors.
PSEi ended this day gaining 1.64 points, or 0.03 percent, to 6,566.54, with all shares also finishing higher at 3,449.33.
"Philippine shares ended quietly ahead of the final trading of the year as traders geared up for 2023. Questions also lingered over whether the volatility will continue into 2023 and what the economy and inflation will bring as the calendar year turns a corner," Regina Capital Development Corp. head of sales Luis Limlingan said.
Mining and Oil remain the biggest winners among sectors, with shares rising by 145.84 points to 10,705.30.
The Mining and Oil counter reacted positively to developments in global crude prices.
"Oil prices rose after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for second-week gains," Limlingan added.
He noted that Brent and West Texas Intermediate crude traded higher by USD2.22 and USD1.93 per barrel, respectively.
Services' stocks were also up this day by 19.96 points to 1,627.29; Financials, up by 5.63 points to 1,637.40; and Holding Firms, up by 1.80 points to 6,502.99.
Losers were Property and Industrial, which shares shed by 21.26 and 10.51 points, respectively. The property ended at 2,881.37 and Industrial at 9,354.58.
Advancers surpassed decliners at 110 to 69, with 47 firms remained unchanged.
Meanwhile, the Philippine peso closed the day at 56.20 from Tuesday's finish of 55.90 against the US dollar.
Peso-dollar trading tracked the performance of other Asian currencies, with only the Hong Kong dollar and Korean won gained against a greenback.
The currency pair last traded at the 56-level on Dec. 7.
The exchange rate on Wednesday went from a low of 55.89 to a high of 56.30, averaging at 56.12.
Total trade amounted to USD882.85 million, higher than last day's volume of USD813.27 million. (PNA)
