Bargain hunting lifts PSEi, peso still down vs dollar

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THE Philippine Stock Exchange index (PSEi) rallied for the second consecutive day Wednesday due to bargain-hunting but the peso remained weak on high corporate demand for the greenback.

PSEi gained 0.33 percent, or 27.97 points, to 8,598.11 points, which a trader pointed to broad risk-on sentiment in the local equities market during the day.

All Shares rose 0.39 percent or 19.59 points to 5,072.80 points.

Most of the sectors tracked the main index, with Property registering the highest increase of 1.23 percent followed by the Mining and Oil at 0.89 percent, Services at 0.72 percent, Financials at 0.23 percent and Holding Firms at 0.004 percent.

Only the Industrial shed during the day after it declined by 0.007 percent.

Volume reached 1.80 billion shares amounting to P8.92 billion.

Losers, however, continue to surpass gainers at 124 to 85 while 50 shares were unchanged.

The peso shed some more during the day after it ended the trade at 52.12 from the previous day’s 51.98. Its close Tuesday was the weakest after the 52.165 on July 21, 2006.

A trader attributed this to mid-month corporate demand for the US dollar along with anticipations for more rate hikes not only in the US but other major central banks on growth concerns.

For the day, the local currency opened at 52.03, down from 51.93 in the previous session.

It traded between 51.905 and its closing level, resulting in an average of 52.024.

Volume for the day reached $939.9 million, down from the $1.023 billion a day ago.

The currency pair is seen to trade between 51.90 and 52.10 Thursday.

p: wjg

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