By Joann Villanueva/PNA
MANILA — Investors’ hopes that a workable trade deal between the US and China will eventually be brokered as both sides thresh out contentious issues, boosted both the Philippines equities market and the peso Thursday.
The Philippine Stock Exchange index (PSEi) finished the day 0.83 percent or 65.56 points higher to 7,985.23 points.
Regina Capital Managing Director Luis Limlingan noted that the main index continues to trek to the 8,000-level with the help of positive sentiments overseas.
Aside from the encouraging US-China trade meetings, also boosting sentiments were Federal Reserve officials’ cautious stance, as demonstrated in the Federal Open Market Committee’s (FOMC) meeting last December, on future rate hikes due to global growth risks and financial market volatilities.
The main index was tracked by the All Shares, which rose 0.78 percent or 36.94 points to 4,764.91 points.
Most of the sectors mirrored the main gauge, with Services posting the highest jump of 1.69 percent.
Financials followed with a 1.14 percent increase, which, in turn, was trailed by Industrial, 0.99 percent; Property, 0.87 percent; and Holding Firms, 0.15 percent.
Only the Mining and Oil ended the day on the red after it fell 0.28 percent.
Volume reached 2.12 billion stocks amounting to PHP10.11 billion.
Gainers led losers at 109 to 82 while 51 shares were unchanged.
Relatively, the peso gained PHP0.12 against the US dollar after ending Thursday at 52.225 from 52.345 close Wednesday.
A trader said the local unit followed the positive close of the PSEi as well as its counterparts overseas.
The peso’s strength showed early on after it opened the day at 52.2 from 52.41 a day ago.
It traded between 52.23 and 52.13, resulting to an average of 52.171.
Volume surged to nearly USD1.1 billion from USD775.63 million.
The local unit is seen to trade between 52.20 and 52.40 to a dollar Friday.
