PH stocks, peso close higher as US taps petroleum reserve


Investors took note of the US government’s plan to help address jumps in global oil prices and this boosted sentiments in the local bourse on Wednesday which was mirrored by the peso.

The main equites gauge inched up further by 0.24 percent, or 17.94 points, to 7,419.10 points.

All Shares, meanwhile, slipped by 0.05 percent, or 2.1 points, to 3,935.54 points.

Most of the sectoral indexes also declined during the day and these were the Industrial, 0.65 percent; Financials, 0.26 percent; Mining and Oil, 0.22 percent; and Services, 0.17 percent.

Meanwhile, Property rose by 1.17 percent and Holding Firms by 0.38 percent.

Volume totaled 1.47 billion shares amounting to PHP8.62 billion.

Decliners surpassed advancers at 93 to 88, while 53 shares were unchanged.

“Philippine shares were bought up once more following (US) President Jose Biden(‘s) remark that his administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021’s rapid spike in fuel prices,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Meanwhile, the peso closed the day at 50.34 against the US dollar, stronger than its 50.59 finish a day ago.

It opened the day at 50.57, better than its 50.7 start in the previous session.

It traded between 50.62 and 50.34, resulting in an average of 50.518.

Volume reached USD 909.4 million, lower than the USD1.24 billion on Tuesday.

Source: Philippines News Agency