Sat. Apr 17th, 2021

MANILA – Rebound of global oil prices boosted investors’ sentiment and benefited the local main equities index and the peso.

After a three-day slide, the Philippine Stock Exchange index (PSEi) rose 0.46 percent, or 25.80 points, to 5,599.55 points.

All Shares followed with a jump of 0.61 percent, or 20.64 points, to 3,408.81 points.

Most of the sectoral gauges also ended the day with gains, led by the Mining and Oil which rose 1.21 percent.

Property increased by 0.92 percent, Holding Firms, 0.56 percent; Financials, 0.47 percent; and Services, 0.23 percent.

Only the Industrial index ended the day in the red after it fell 0.14 percent.

Volume totaled to 697.1 million shares amounting to PHP4.37 billion.

Gainers led losers at 114 to 66, while 49 shares were unchanged.

Regina Capital Managing Director Luis Limlingan traced the local bourse’s recovery to reports about the rebound in crude oil prices in the international market after posting record drops in recent days.

West Texas Intermediate (WTI) contracts increased by 42 percent to USD14.23 per barrel and Brent crude rose 8 percent to USD20.95 per barrel.

Limlingan also cited as a plus to investors’ positive sentiments during the day the reports quoting US Treasury Secretary Steven Mnuchin as saying that he hopes that most of the economy will reopen by the end of August.

The local currency ended the day at 50.67 against the US dollar from 50.8 in the previous day.

It opened the trade at 50.7, better than its 50.85 start in the previous session.

It traded between 50.74 and 50.67, bringing the day’s average to 50.704.

Volume totaled to USD290 million, higher than the USD212.78 million a day ago. (PNA)

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