Peso flat as stocks rise on sustained bargain hunting

Peso flat as stocks rise on sustained bargain hunting

MANILA – The Philippine Stock Exchange index (PSEi) rose anew Wednesday on sustained bargain hunting while the peso was little changed against the greenback.

The main stocks gauge increased by 0.94 percent, or 61.60 points, to 6,651.71 points.

All Shares registered a higher jump of 1.05 percent, or 41.94 points, to 4,044.94 points.

Most of the sectoral indexes also gained during the day, with Property surging by 2.52 percent.

It was trailed by the Holding Firms, 0.65 percent; Industrial, 0.50 percent; Services, 0.39 percent; and Financials, 0.38 percent.

Only the Mining and Oil index finished the day in the negative territory after it fell by 0.62 percent.

Volume totaled 3.41 billion shares amounting to PHP6.05 billion.

Gainers led losers at 147 to 57, while 46 shares were unchanged.

“Philippine shares continued their bargain hunting once more as the number of cases eased to below 10,000 while investors continued to assess the impact of moderating inflation and its effects on growth and interest rates,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

The Department of Health on Tuesday reported 9,373 new coronavirus disease (Covid-19) cases for the day, higher than the 8,355 new cases in the previous day.

On Wednesday, reported new cases declined to 6,414.

Domestic inflation rate eased to 4.5 percent in March from the two-year high of 4.7 percent in the previous month due mainly to slower increase in food prices amid favorable weather conditions.

Meanwhile, the peso was almost unchanged against the US dollar after finishing the trade at 48.585 from 48.57 Tuesday.

It opened the day at 48.53 and traded between 48.625 and 48.52.

Average level for the day stood at 48.576.

Volume totaled USD581.8 million, higher than the USD559.3 million a day ago. (PNA)

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