Stocks close near 6K-level, peso sideways

Stocks close near 6K-level, peso sideways

MANILA – The Philippine Stock Exchange index (PSEi) rose anew on Wednesday while the peso ended the trade sideways against the greenback as investors stayed on the sidelines to monitor developments here and abroad.

The main equities index rose 0.69 percent, or 41.06 points, to 5,995.00 points.

All Shares increased by 0.42 percent, or 14.69 points, to 3,551.98 points.

Half of the sectoral indices tracked the main index – Financials, 1.53 percent; Industrial, 1.23 percent; and Holding Firms, 0.84 percent.

The Mining and Oil counter fell by 2.63 percent and was followed by the Property, 0.25 percent, and Services, 0.11 percent.

Volume totaled nearly 5.9 billion shares amounting to PHP17.1 billion.

Losers led gainers at 102 to 85, while 47 shares were unchanged.

There was also net foreign selling during the day.

“Philippine shares closed short of the 6,000 mark as investors weighed the outlook for the economy amid a slowing in the number of new coronavirus cases and a lack of progress toward additional coronavirus aid from Washington,” said Luis Limlingan, Regina Capital Development Corp. head of sales.

Meanwhile, the peso ended the trade at 48.94, almost unchanged from its 48.92 close on Tuesday, which was its strongest since mid-November 2016.

It opened the day at 48.925, better than its 49.08 start in the previous day, and traded between 48.92 and 49.00, averaging 48.962.

Volume totaled USD795.92 million, higher than the previous day’s USD743.4 million. (PNA)

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