Article by:
Joann Villanueva
MANILA – The Philippine Stock Exchange Index (PSEi) extended its gains on Wednesday, while the Philippine peso weakened against the US dollar amid concerns over developments in the Middle East.
The benchmark index rose 0.52 percent to 6,158.33 points, while the broader All Shares index climbed 0.60 percent to 3,428.03.
Most sectoral indices also advanced, led by Mining and Oil, 4.66 percent; Services, 2.37 percent; Industrial, 1.28 percent; and Property, 0.24 percent.
Decliners were Holding Firms, down 0.79 percent, and Financials, 0.43 percent.
Trading volume reached 1.37 billion shares valued at PHP7.95 billion. Advancers outnumbered decliners, 131 to 66, while 57 shares were unchanged.
"The PSEi ended higher as the market extended its recovery, with investors taking advantage of bargain prices following recent declines while sentiment slightly improved after a mixed finish on Wall Street," said Luis Limlingan, head of sales at Regina Capital Development Corp.
He added that despite the gains, "buying remained selective and cautious as lingering global uncertainties continued to keep overall market sentiment guarded."
Meanwhile, the Philippine peso closed weaker at 59.17 against the US dollar, reversing its previous session’s recovery to 58.89.
The peso opened at 58.88, stronger than the previous session’s 59.25, and traded between 58.77 and 59.17, with an average of 58.91.
Dollar trading volume rose to USD2.06 billion from USD2.03 billion a day earlier. (PNA)
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