Peso nearly flat as shares rise anew on easing Covid-19 cases

Peso nearly flat as shares rise anew on easing Covid-19 cases

MANILA – Local shares rose anew Wednesday on continued bargain hunting and the peso remained on sideways close against the greenback.

The Philippine Stock Exchange index (PSEi) increased by 0.79 percent, or 50.66 points, to 6,497.01 points.

All Shares jumped by 0.55 percent, or 21.61 points, to 3,934.93 points.

Most of the sectoral gauges also gained during the day, led by the Services after it rose by 1.82 percent.

It was trailed by the Industrial, 1.23 percent; Property, 1.12 percent; Financials, 0.75 percent; and Holding Firms, 0.08 percent.

Only the Mining and Oil declined during the day after it lost 0.10 percent.

Volume reached 9.27 billion shares amounting to PHP21.32 billion.

Decliners surpassed advancers at 98 to 90, while 64 shares were unchanged.

“Local shares were bought once more as yesterday’s cases from Covid eased and as investors digested testimony by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the economy,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

The government on Tuesday reported a drop in the additional number of coronavirus disease (Covid-19) infections to 5,867 from the previous day’s 7,912 cases. However, the number jumped to 6,666 on Wednesday.

“Funds (investors) also rebalanced their funds with other regions hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar,” Limlingan added.

Meanwhile, the local currency sustained its sideways close against the US dollar after finishing the day’s trade at 48.665 from 48.631 on Tuesday.

It opened the day at 48.69 and traded between 48.7 and 48.665. This resulted in an average of 48.681.

Volume totaled to USD649.75 million, lower than day-ago’s USD716.34 million. (PNA)

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