MANILA – Expectations for a stimulus from the US government to counter the impact of the coronavirus disease 2019 (Covid-19) lifted investment sentiment, boosting both the Philippine peso and the local bourse.
The local currency ended the day at 50.815 from 51.035 a day ago, which BPI Research attributed to broad dollar weakness as investors anticipate Fed stimulus given the widening threat of Covid-19.
“Sustained decline in oil prices also lent some support to the peso,” it said.
The local unit opened the day at 51.02, better than its 51.085 start in the previous session.
It traded between 51.04 and 50.78, resulting in an average of 50.937.
Volume totaled to USD1.42 billion, lower than the USD1.43 billion a day ago.
The currency pair is seen to trade between 50.70 and 51.00 on Friday.
The Philippine Stock Exchange index (PSEi) gained 0.84 percent, or 58.00 points, to 6,967.84 points.
All Shares gained 0.49 percent, or 20.30 points, to 4,149.67 points.
the Financials index led the sectors with a jump of 1.27 percent, which was followed by Property, 1.09 percent; Services, 0.82 percent; Holding Firms, 0.43 percent; Industrial, 0.18 percent.
Only Mining and Oil ended the day in the red after it fell 0.25 percent.
Volume totaled 682.76 million shares amounting to PHP8.45 billion.
Losers surpassed gainers at 95 to 91, while 45 shares were unchanged. (iam/sovereignph.com/PNA)