MANILA – Local shares ended the week up while the peso weakened partly due to the strengthening of the greenback amid news of the US economy’s reopening.
After a slide on Thursday, the Philippine Stock Exchange index (PSEi) rose 4.78 percent, or 264.37 points, to 5,789.97 points.
All Shares increased by 3.63 percent, or 122.30 points, to 3,492.43 points.
Property led the sectors after rising by 5.68 percent and was trailed by the Holding Firms, 4.85 percent; Services, 4.20 percent; Industrial, 3.44 percent; Financials, 3.10 percent; and Mining and Oil, 0.36 percent.
Volume totaled 733.29 million shares amounting to PHP7.3 billion.
Gainers led losers at 142 to 63, while 27 shares were unchanged.
Regina Capital managing director Luis Limlingan said the local bourse’s close mirrored those in the US amid investors’ hope for positive news regarding US President Donald Trump’s plan on the re-opening of the world’s largest economy.
Limlingan said the off-cycle rate cut decision by the Bangko Sentral ng Pilipinas (BSP) on Thursday was a surprise despite the fact that monetary officials are expected to reduce key rates by 50 basis points this quarter, as well as another 25 basis points in the second half of the year because of the need to help address the impact of the coronavirus disease 2019 (Covid-19) pandemic.
On the other hand, the peso weakened against the US dollar after ending the trade at 50.9 from its 50.8 close the previous day.
It opened the day sideways at 50.78 compared to its 50.73 start in the previous session, and traded between 50.72 and 50.93, resulting in an average of 50.787.
Volume totaled USD491.6 million, higher than the USD352.1 million on Thursday. (PNA)