MANILA – Local shares were mostly up Wednesday on news of more drugs against the coronavirus disease 2019 (Covid-19) being developed, but the peso weakened against the US dollar.
After a two-day decline, the Philippine Stock Exchange index (PSEi) rose by 0.49 percent, or 26.95 points, to 5,523.78 points.
All Shares posted the same increase of 0.49 percent, or 16.10 points, to 3,329.12 points.
Most of the sectoral gauges also went up, led by the Mining and Oil counter, 2.95 percent; and was trailed by the Industrial, 1.53 percent; Financials, 0.95 percent; and Holding Firms, 0.57 percent.
On the other hand, Services fell by 0.29 percent and Property by 0.26 percent.
Volume totaled to 1.51 billion shares amounting to PHP5.48 billion.
Gainers surpassed losers at 99 to 78, while 47 shares were unchanged.
Regina Capital Development Corporation head of sales Luis Limlingan said that aside from news on the development of drugs against Covid-19, investors also took note of reports about the positive signs of global economic recovery.
For one, Federal Reserve Bank of St. Louis President James Bullard forecasts the recovery of the employment situation in the US by December this year to below 10 percent after dipping to 14.7 percent last April, the highest unemployment rate since the 1930s.
Market players’ optimism, however, was not felt on the peso-US dollar trading after the local currency depreciated to 50.68 from 50.53 Tuesday.
It opened the day at 50.51 from 50.68 in the previous session.
It traded between 50.68 and 50.46, resulting in an average of 50.593.
Volume totaled to USD856.48 million, higher than Tuesday’s USD491.5 million. (PNA)