Bullish investors’ sentiment pushes stocks, peso up

Bullish investors’ sentiment  pushes stocks, peso up
Infographic from THEPHILBIZNEWS

By Joanne Villanueva

Improved investors’ sentiment sustained the rise of the Philippine Stock Exchange index (PSEi) and also benefited the local currency Thursday.

The PSEi rose 2.09 percent, or 153.66 points, to 7,506.51 points, which BPI Research attributed partly to hopes for cut in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates.

Trading in the Philippine Stock Exchange (PSE) for the day ended ahead of the BSP announcement about the 25 basis points “pre-emptive” reduction in its key rates, which monetary officials said was made as inflation remains within target and there is need to support domestic expansion given the economic challenges both here and abroad.

The rise of the main index was followed by All Shares, which jumped by 1.57 percent or 68.47 points, to 4,422.72 points.

Property registered the highest increase with 3.95 percent, which was trailed by the Industrial, 1.85 percent; Financials, 1.46 percent; Holding Firms, 1.29 percent; Services, 1.14 percent; and Mining and Oil, 0.94 percent.

Volume totaled to 6.22 billion shares amounting to PHP7 billion.

Advancers led losers at 115 to 70, while 46 shares were unchanged.

The peso ended the day’s trade at 50.78 against the US dollar from its 50.92 close on Wednesday.

It opened the day at 50.82, weaker than the 50.7 start a day ago.

It traded between 50.83 and 50.73, resulting in an average of 50.78.

Volume totaled to USD917.8 million, lower than the USD930.6 million a day ago.

BPI Research forecasts the peso to range between 50.60 and 50.90 on Friday.  (First published in PNA)

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