Stocks index rise anew; peso ends sideways vs. greenback

Risk-on sentiments in hopes of the possible approval of another US stimulus package buoyed both the local main stocks index and the peso.

The Philippine Stock Exchange index (PSEi) rose for the fourth consecutive day, rising by 1.05 percent, or 66.04 points, to 6,344.63 points on Thursday.

All Shares followed with an increase of 0.74 percent, or 27.90 points, to 3,788.75 points.

Most of the sectoral gauges also increased during the day, led by Property, which inched up by 2.73 percent.

Trailing behind were Industrial, 1.50 percent; Holding Firms, 0.98 percent; and Mining and Oil, 0.64 percent.

Financials fell by 0.83 percent and Services by 0.42 percent.

Volume totaled 1.28 billion shares amounting to PHP9.81 billion.

Losers surpassed gainers at 112 to 100, while 43 shares were unchanged.

Luis Limlingan, Regina Capital Development Corp. head of sales, attributed the positive close of the local main index to optimism that a new stimulus program would be approved, although not earlier than the November 3 presidential polls.

Limlingan also cited reports on the rise of coronavirus disease 2019 (Covid-19) infections globally, as well as the US government’s decision to designate six more Chinese publications as government-controlled, which is feared to contribute to the souring relationship between two of the world’s largest economies.

Meanwhile, the local currency finished the day at 48.6 against the US dollar from 48.585 on Wednesday.

It opened the day at 48.55, almost unchanged from its 48.53 start in the previous day, trading between 48.61 and 48.55 for an average of 48.59.

Volume totaled USD614.4 million, lower than the previous day’s USD710.7 million.

Source: Philippines News Agency

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