Manila: The Philippine Stock Exchange index (PSEi) rose for the second consecutive day on Friday, buoyed by lower global oil prices and optimism over a possible U.S.-Iran deal, while the peso weakened against the greenback. The local bourse's benchmark index gained 0.69 percent to 5,961.40 points, while the broader All Shares index climbed 0.63 percent to 3,356.83 points.
According to Philippines News Agency, most sectoral indices mirrored the PSEi's upward movement, led by Holding Firms, which advanced 1.46 percent, followed by Financials, up 1.01 percent; Mining and Oil, 0.70 percent; Property, 0.61 percent; and Industrials, 0.52 percent. Only Services closed on the red, slipping 0.02 percent.
Trading volume remained thin at 728.8 million shares worth PHP4.2 billion. Advancers outpaced decliners, 89 to 84, while 61 issues were unchanged. 'Renewed risk appetite helped sustain buying interest despite lingering geopolitical and economic uncertainties,' said Luis Limlingan, Regina Capital Development Corporation head of sales.
Meanwhile, the peso weakened to 61.69 against the U.S. dollar from Thursday's 61.58 close. It opened the session nearly unchanged at 61.55 and traded within a range of 61.46 to 61.74. The day's average stood at 61.59. Dollar trading volume reached USD1.55 billion, slightly lower than the previous session's USD1.58 billion.
