Stocks rise; peso nearly unchanged vs. USD

Stocks rise; peso nearly unchanged vs. USD

MANILA – The Philippine Stock Exchange index (PSEi) climbed back to the 7,000-level on Friday, a day after the surprise 25 basis points cut in the Bangko Sentral ng Pilipinas’ (BSP) key rates that also benefited the peso.

The main stocks gauge rose to 7,169.79 points, up by 2.46 percent or 172.17 points.

All the other counters also finished the trade with gains, with All Shares rising by 2.23 percent, or 91.85 points, to 4,219.39 points.

Mining and Oil led the sectors after jumping by 2.88 percent and was trailed by Holding Firms, 2.87 percent; Property, 2.83 percent; Financials, 2.8 percent; Industrial, 1.7 percent; and Services, 0.49 percent.

Volume reached 32.04 billion shares amounting to PHP10. 94 billion.

Gainers led losers at 159 to 66, while 45 shares were unchanged.

“Local shares cross well above 7,100 as investors bought up shares after the surprise cut of the BSP and by hopes that Washington lawmakers still could come together and pass a coronavirus aid relief package to limit the economic damage wrought by the pandemic,” said Luis Limlingan, Regina Capital Development Corp. head of sales.

Limlingan also cited the drop by as much as 1 percent of gold prices in the international market.

Meanwhile, the peso ended the week sideways to the US dollar at 48.23 from the previous day’s 48.315.

It opened the day at 48.27 and traded between 48.27 and 48.21, averaging 48.25.

The volume of trade reached USD660.6 million, lower than the previous session’s USD692.3 million. (PNA)

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