MANILA: Foreign investors helped the local shares rally on the third day of the week, while the Philippine peso depreciated on mid-week’s trading.
On Wednesday, the Philippine Stock Exchange index (PSEi) continued to gain for three straight trading days, up by 58.08 points to 6,679.96, with All Shares improving by 17.88 points to 3,511.44.
Philstocks Financial, Inc. assistant research manager Claire Alviar said net inflows from foreign investors reached PHP341.09 million.
“Moroever, the positive outlook for Philippine remittances, expected to grow by 3 percent this year despite overseas concerns, contributed to boosting market sentiment,” Alviar added.
The Mining and Oil counter was the only loser for this day’s trading, shedding 87.68 points to 9,299.29.
The biggest gain came from Holding Firms, up by 46.93 points, followed by Industrial, up 31.61 points; Financials, up by 31.61 points; Property, up by 24.36 points; and Services, up by 8.78 points.
Net market value turnover on Wednesday reached PHP4.47
billion.
Shares of 90 firms recorded gains, while 86 were losers, leaving 65 counters unchanged.
Meanwhile, the peso shed 0.14 to the US dollar, closing the currency pair’s exchange rate at 56.30 to the greenback.
It opened the day at 56.30 before trading between a low of 56.20 to a high of 56.42.
Weighted average level for the day stood at 56.30 to a dollar.
Trade volume slipped to USD1.38 billion from USD1.40 billion in the previous day.
Source: Philippines News Agency
