Stocks surge on buying spree; peso trades sideways

Stocks surge on buying spree; peso trades sideways

MANILA – The main equities index rose Thursday on continued buying spree among investors following the sell-off last week while the peso kept its sideways close against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 1.29 percent, or 83.99 points, to 6,581.00 points.

All Shares inched up by 1.07 percent, or 41.90 points, to 3,976.83 points.

Most of the sectoral gauges also registered increases, led by Mining and Oil after it jumped by 2.75 percent.

Holding Firms index rose by 2.24 percent; Property, 1.24 percent; Industrial, 0.92 percent; and Services, 0.35 percent.

Only the Financials index declined by 0.22 percent.

Volume totaled 2.49 billion shares amounting to PHP6.1 billion.

Gainers led losers at 136 to 62, while 50 shares were unchanged.

“Investors continued to buy into Philippine shares which were heavily sold last week as Covid cases continued to stabilize, regional tech stocks continued to be sold and investors made bets ahead of the BSP (Bangko Sentral ng Pilipinas) meeting this afternoon,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He forecasts Philippine monetary authorities to keep the central bank’s key rates steady after the total of 200 basis points reduction in 2020, which aims to help buoy the domestic economy from the impact of the pandemic.

Meanwhile, the peso kept its footing against the US dollar after finishing the trade at 48.58 from 48.665 a day ago.

It opened the trade at 48.66 and traded between 48.66 and 48.56.

The average level for the day stood at 48.631.

Volume totaled USD691.29 million, higher than the previous day’s USD649.75 million. (PNA)

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