PSEi up on expected gains from programs vs. pandemic; peso flat

MANILA – Hopes for gains from government programs against the pandemic lifted the Philippine Stock Exchange index (PSEi) on Wednesday while the peso closed sideways against the US dollar.

The main equities index gained 1.81 percent, or 118.77 points, to 6,680.18 points.

All Shares trailed with a jump of 1.13 percent, or 45.94 points, to 4,118.41 points.

Most of the sectoral indexes also rose during the day including and Holding Firms, 2.69 percent; Property, 2.64 percent; Financials, 1.04 percent; Services, 0.64 percent; and Industrial, 0.60 percent.

Only the Mining and Oil index shed during the day after it fell 1.36 percent.

Volume totaled 1.14 billion shares amounting to PHP6.18 billion.

Gainers led losers at 94 to 88, while 55 shares were unchanged.

“Philippine shares continued to be bought up with many fund managers and analysts speculating and remaining optimistic that the administration’s efforts to curb the spread of the virus are working,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan said “many are anticipating the quarantine restrictions may be loosened soon, hence, opening the economy further to more regular operations.”

For one, Metro Manila has been placed under a two-week enhanced community quarantine (ECQ) until Aug. 20 amid the upticks in coronavirus disease 2019 (Covid-19) infections due to the more contagious Delta variant.

Meanwhile, the peso ended the day at 50.43, little changed from its 50.401 close a day ago.

It opened the day at 50.37, better than its 50.65 start in the previous session.

It traded between 50.43 and 50.25, resulting in an average of 50.35.

Volume reached USD796.1 million, lower than day-ago’s USD859.9 million. (PNA)

Agencies