MANILA – Trade concerns, especially between the United States and China, continued to worry investors, but the Philippine Stock Exchange index (PSEi) managed to recover while the peso ended sideways to the greenback on Wednesday.
The main equities index rose by 1.29 percent, or 100.12 points, to 7,847.50 points, which BPI Research said transpired despite the bargain hunting after a slide a day ago.
All Shares followed suit after it rose 0.89 percent, or 42.01 points, to 4,748.81 points.
Most of the sectors also ended the day with gains, led by Holding Firms, which increased by 2.06 percent.
It was followed by Property at 1.38 percent as well as Financials, 0.46 percent; Industrial, 0.34 percent; and Services, 0.32 percent.
Only Mining and Oil ended on the red after it contracted by 0.15 percent.
Volume totaled to 1.38 billion shares amounting to P8.36 billion.
Gainers led losers at 118 to 83, while 47 shares were unchanged.
Relatively, the local currency finished the day’s trade at 52.32 from 52.26 a day ago against the US dollar.
“The peso depreciated together with the other Asian currencies given risk-off sentiment as market players continued to monitor trade developments,” BPI Research said.
For the day, the unit opened way better at 52.28 compared to its 52.42 start in the previous session.
It traded between 52.33 and 52.22, resulting in an average of 52.273.
Volume declined to USD1.11 billion compared to the previous day’s USD1.22 billion.
The currency pair is seen to trade between 52.20 and 52.50 Thursday. (PNA)
