Stock, peso improve Thursday

MANILA – Both the local bourse and currency performed better on Thursday.

The benchmark Philippine Stock Exchange index (PSEi) rallied for four days, finishing at 6,390.58, or 1.23 percent higher than the previous closing.

All Shares also gained by 0.7 percent to 3,477.70.

All indices ended in the green territory, with Financials as the biggest winner, its shares increasing by 2.5 percent to 1,934.55; followed by Industrial, up by 1.07 percent to 8,977.11; Property, up by 0.93 percent to 2,504.98; Holding Firms, up by 0.55 percent to 5,501.71; Services, up by 0.43 percent to 1,986.56, and Mining and Oil, up by 0.23 percent to 8,554.89 level.

“The bourse has now climbed for four consecutive days since bouncing from its year-to-date low of 6158.48,” Philstock research and engagement officer Mikhail Plopenio said.

He added that investors also took cues from Wall Street overnight amid optimistic expectations over the personal consumption expenditure price index report of the US this week.

“Meanwhile, investors remained cautious during Thursday’s session as they await cues from the Bangko Sentral ng Pilipinas regarding rate cuts,” Plopenio added.

The Monetary Board decided to maintain key policy rates despite the anticipation of softer inflation numbers in the second half of the year, as uncertainties in the global market continue to pose risks to inflation.

Despite the bourse closing better this day, losers outnumbered winners at 99 to 91, leaving 43 unchanged.

Meanwhile, the Philippine peso closed stronger at 58.75, gaining 0.11, from the previous day’s closing of 58.86 to the US dollar.

It started the day weak at 58.88 from Wednesday’s kick-off at 58.82.

The currency pair traded between a low of 58.75 and a high of 58.92, leaving the average level for the day at 58.87 to the greenback.

Trade volume jumped to USD1.21 billion from USD720.25 million on Wednesday. (PNA)