Article by:
Joann Villanueva
MANILA – The Philippine Stock Exchange index (PSEi) rose for a second straight day on Wednesday, while the peso strengthened to the 59-level against the US dollar, following news of a two-week ceasefire between the United States and Iran.
The benchmark index gained 2.22 percent to 6,089.91 points, while the broader All Shares index rose 1.94 percent to 3,415.16.
All sectoral indices advanced, led by Mining and Oil, up 6.86 percent, followed by Property, 4.39 percent; Financials, 2.20 percent; Services, 1.93 percent; Holding Firms, 1.87 percent; and Industrial, 0.80 percent.
Total volume reached 1.12 billion shares valued at PHP8.3 billion. Advancers outnumbered decliners, 158 to 47, while 57 issues were unchanged.
“The local market surged as the US-Iran two-week ceasefire fueled investors’ optimism,” Philstocks Financial, Inc. said in a market report.
It cited lower global oil prices and the peso’s appreciation as key drivers of the market’s rise.
The peso closed at 59.43 against the US dollar, improving from 60.33 in the previous session. It opened stronger at 59.66 from 60.18 a day earlier.
The currency traded between 59.70 and 59.29, with an average of 59.50.
Volume in the foreign exchange market reached USD2.48 billion, up from USD1.68 billion previously. (PNA)
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