MANILA (19 June 2020) — The Philippine Stock Exchange index (PSEi) gained Thursday but the peso weakened as investors weighed current developments on the pandemic.
The main equities index rose 1.06 percent, or 66.44 points, to 6,348.45 points.
All Shares also posted an uptick and ended the day at 3,714.29 points, up by 0.43 percent or 15.89 points.
It was, however, a mix among the sectors but most gained during the day’s trade.
The Property counter jumped by 1.84 percent, Holding Firms by 1.18 percent, Industrial by 0.19 percent, and Financials by 0.15 percent.
Mining and Oil shed 0.71 percent and Services by 0.005 percent.
Volume totaled 2.77 billion shares amounting to PHP10.44 billion.
Losers surpassed gainers at 124 to 69, while 46 shares were unchanged.
“Local shares were bought up towards closing as investors monitored signs of a revival of the coronavirus pandemic in some US states and China, while hoping for a quick economic recovery as business activity resumes,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He said concerns on geopolitical issues also factored in during the day.
Citing reports, Limlingan said Federal Reserve Chairman Jerome Powell called on lawmakers to keep fiscal stimulus to support the recovery of the world’s largest economy.
Meanwhile, the peso finished the day at 50.17, a depreciation from its 50.03 close a day ago.
It opened the day at 50.06, sideways from its 50.13 start Wednesday.
It traded between 50.18 and 49.96, resulting in an average of 50.038. Volume totaled to USD1.17 billion, higher than the USD768.5 million a day ago. (ia/PNA)