Both the local stock market and Philippine peso ended Thursday’s trading higher as investors’ sentiment remains optimistic with better turnout of employment and inflation data despite the threats of Omicron variant.
The Philippine Stock Exchange index (PSEi) finished 1.23 percent higher this day, up by 87.62 points to 7,234.92 points from Tuesday’s trading.
Stock market was closed on Wednesday as the Feast of Immaculate Conception is a holiday in the country.
All shares went up by 0.97 percent, or 37.04 points, to 3,842.55.
“Philippine shares climbed higher on Thursday, coming on the back of improved investor optimism that the Omicron variant is not severe enough to derail the economic recovery,” Regina Capital Development Corp. managing director Luis Limlingan said.
All counters closed in the green except for Property, which slipped by 2.48 points to 3,265.44.
Biggest winner is the Industrial sector, ending the day by gaining 116.42 points to 10,433.58.
This is followed by Holding Firms, up by 87.80 points to 6,978.22; Financials, up by 38.21 points to 1,612.23; Services, up by 21.19 points to 1,994.98; and Mining and Oil, up by 15.21 points to 9,213.21.
“Investors back home reacted favorably to a four-month low November CPI (consumer price index) print of 4.2 percent versus 4.6 percent in October and an improved unemployment rate of 7.4 percent versus 8.9 percent in September,” Limlingan added.
Meanwhile, Philippine peso closed the day strong at 50.26 to a US dollar.
It gained by 0.12 from Tuesday’s finish of 50.38.
It started trading at 50.32 before it traded between 50.18 and 50.38.
Weighted average for this day’s trading is at 50.28.
Total volume of trade on Thursday is at USD835.55 million.
Source: Philippines News Agency
