The peso closed up against the dollar on Wednesday and the stock market also ended the day higher thanks to bargain-hunting.
The currency strengthened by four and a half centavos to P58.23:$1 while the benchmark Philippine Stock Exchange index (PSEi) added 40.26 points, or 0.56 percent to 7,280.24.
The broader All Shares gained 19.27 points — 0.48 percent — to 3,996.58.
The peso opened at P57.2:$1 and ranged from P58.18 to P58.33. Volume reached P1.242 billion, up from Tuesday’s P1.165 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said tat the peso strengthened after global crude oil prices declined to near 1-month lows.
“The peso also slightly appreciated after the gauge of the US dollar declined against major global currencies,” he added.
Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said “late day buying sent the local market higher this Wednesday,..[as] investors hunted for bargains with robust 9 months corporate results giving sentiment a boost.”
“Trading was tepid, however, as investors were still in a cautious mode amid lingering downside risks including the Peso’s weakness and uncertainties over the US’ upcoming elections,” he added.
Net value turnover was at P5.12 billion, lower than the year-to-date average of P5.17 billion.
“Foreigners were net sellers with net outflows amounting to P600.04 million,” Tantiangco said.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “Philippine shares managed to close in the green with some bargain hunting at closing despite Wall Street ending mixed, as investors braced for key corporate earnings releases.”
“Overall, investor sentiment remained cautious amid uncertainties tied to the upcoming US elections,” he also said.
All but two sectors were in the green with financials up the most by 1.09 percent. Holding firms lost 0.10 percent while property closed flat.
Decliners outnumbered gainers, 99 to 88, while 58 were unchanged.
Be the first to comment