Manila:The decline in global oil prices contributed to an increase in the Philippine Stock Exchange Index (PSEi), with the Philippine peso also strengthening against the US dollar, reaching the 62-level on Thursday.
According to Philippines News Agency, the PSEi rose by 1.46 percent to 5,778.14 points, while the broader All Shares index increased by 1.39 percent to 3,229.47 points. Sectoral indices also saw gains, led by Holding Firms with a rise of 4.14 percent, followed by Mining and Oil at 4.06 percent, Industrial at 2.51 percent, Property at 1.99 percent, and Services at 0.12 percent. Financials, however, ended the day down by 1.04 percent.
Trading volume remained thin at 650.86 million, amounting to PHP6.2 billion. The market saw more advancers than decliners, with 122 rising compared to 74 falling, while 56 shares remained unchanged. Philstocks Research attributed the PSEi's sustained rise to the drop in global oil prices, which coincided with the Democratic Party's win in the US mid-term elections, potentially affecting US policy on Iran.
The peso's appreciation against the US dollar also played a role in the positive market sentiment. By the end of the trading day, the local currency rose to 62.97, improving from the previous day's 63.53. The peso opened at 63.33 and traded between 63.35 and 62.9, with an average of 63.14. The trading volume increased to USD2 billion from USD1.32 billion in the previous session.
