The local stock barometer got a breather on Thursday after the Federal Reserve announced that interest rates would remain near zero while the peso sustained its sideways close against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 0.36 percent, or 23.50 points, to 6,496.53 points.
All Shares rose by 0.80 percent, or 31.94 points, to 4,042.03 points.
All the sectoral counters also gained during the day, led by the Mining and Oil after it jumped by 2.62 percent.
It was trailed by the Industrial index, 1.65 percent; Financials, 0.84 percent; Property, 0.44 percent; Holding Firms, 0.10 percent; and Services, 0.04 percent.
Volume totaled to 925.21 million shares amounting to PHP4.8 billion.
Gainers led losers at 109 to 70 while 54 shares were unchanged.
Citing reports, Luis Limlingan, Regina Capital Development Corporation head of sales, said that aside from vowing to keep key rates near zero, the Fed said it would use its full range of tools to boost economic recovery.
He said Fed Chair Jerome Powell also noted that risks that would be on focus include the slowing economic recovery and the rising number of coronavirus disease 2019 (Covid-19) infections because of the Delta variant.
Locally, Limlingan said investors were calmed by Malacanang’s announcement regarding the extension of the general community quarantine (GCQ) with heightened restrictions for Metro Manila until Aug. 15, instead of a lockdown as proposed by medical experts to prevent further rise in Covid-19 cases, especially because of the Delta variant.
Meanwhile, the peso finished the day at 50.305 to a US dollar, sideways from its 50.37 close a day ago.
It opened the day at 50.31 and traded between 50.39 and 50.27.
Average level for the day stood at 50.342.
Volume rose to USD993.8 million from the previous session’s USD686.5 million.
Source: Philippines News Agency
