Manila: The Philippine Stock Exchange index (PSEi) sustained its rise for the second consecutive day and rose to the 6,000-level on Wednesday, but the peso succumbed to depreciation and closed anew at the 60-level.
According to Philippines News Agency, the local bourse's main index rose by 1.82 percent to 6,044.17 points, with the broader All Shares index rising by 1.85 percent to 3,356.16 points. Mining and Oil led the sectoral gauges after increasing by 4.03 percent, followed by Property at 2.11 percent, Financials at 1.93 percent, Services at 1.71 percent, Holding Firms at 1.57 percent, and Industrial at 1.41 percent.
Volume reached 1.15 billion shares, amounting to PHP7.35 billion. Advancers outnumbered decliners at 118 to 81, while 54 shares remained unchanged. Bargain hunting among market participants, following a series of declines, buoyed the market. Sentiment improved after US President Donald Trump announced that talks between the US and Iran were ongoing, with Iran offering a significant oil-related gift to the US, according to Luis Limlingan, head of sales at Regina Capital Development Corporation.
On the other hand, the local currency ended the day at 60.1 to a U.S. dollar after recovering to 59.95 a day ago. It opened the day weaker at 59.98 and traded between 59.88 and 60.13, with the average for the day standing at 60.007. The volume went down to USD1.71 billion from USD2.69 billion on Wednesday.
