Manila: Both the local stock market and currency closed stronger for the second straight day on Wednesday’s trading. The Philippine Stock Exchange index (PSEi) finished 0.73 percent higher at 6,465.45 points, with All Shares also increasing by 0.59 percent to the 3,768.38 level.

According to Philippines News Agency, “Philippine shares were bought up second day straight post-inflation with the local bourse reaching (the) 6,500 level, but gains were tempered by profit taking later in the session,” Regina Capital Development Corp. head of sales Luis Limlingan said. The biggest gains came from the Industrial counter, which increased by 1.36 percent to 9,112.02; followed by Services, up by 1.18 percent to 2,072.38; Financials, up by 1.13 percent to 2,486.22; Mining and Oil, up by 0.17 percent to 9,721.48; and Holding Firms, up by 0.08 percent to 5,391.64. Only the Property index declined by 0.35 percent to 2,292.81. Winners outpaced losers at 113 to 72, with 48 counters left unchanged.

Meanwhile, the Philippine peso also strengthened to 55.40 to the US dollar from its 55.61 close on Tuesday. The peso started the day stronger at 55.40 from its previous day opening of 55.80 to the dollar. The currency pair traded between 55.22 and 55.48, bringing the day’s average to 55.35 to the greenback. Trade volume decreased to USD2.07 billion from USD2.28 billion the previous day.