PH Stocks End Week Up, Peso Finishes Sideways Against US Dollar
MANILA – Philippine shares ended the week up after the confirmation of US President-elect Joe Biden’s win while the peso continues its sideways close against the greenback.
The Philippine Stock Exchange index (PSEi) ended the week’s trade up by 2.39 percent, or 170.27 points, to 7,289.88 points.
All Shares increased by 1.94 percent, or 82.78 points, to 4,354.27 points.
Most of the sectoral gauges also tracked the main index, led by the Financials, which jumped by 3.33 percent.
It was trailed by the Property, 2.71 percent; Holding Firms, 2.10 percent; Services, 1.59 percent; and Industrial, 1.37 percent.
Only Mining and Oil finished the trade in the red after it declined by 0.63 percent.
Volume totaled 25.13 billion shares amounting to PHP11.06 billion.
Gainers led losers at 141 to 74 while 48 shares were unchanged.
“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win, offering the prospects of more financial aid for consumers and businesses coping with the coronavirus pandemic,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He also cited the rise of oil prices in the international market after Saudi Arabia, the largest oil exporter, okayed the output cut over the next two months.
The rise in oil prices was also traced to the drop in US crude stockpiles, he said.
Relatively, the peso ended the day sideways against the US dollar at 48.088 from its 48.07 close a day ago.
It opened the trade at 48.12 and traded between 48.12 and 48.045. This resulted to an average of 48.079 for the day.
Volume totaled USD727.37 million, higher than day-ago’s USD518.45 million. (PNA)
The Philippine Stock Exchange index (PSEi) ended the week’s trade up by 2.39 percent, or 170.27 points, to 7,289.88 points.
All Shares increased by 1.94 percent, or 82.78 points, to 4,354.27 points.
Most of the sectoral gauges also tracked the main index, led by the Financials, which jumped by 3.33 percent.
It was trailed by the Property, 2.71 percent; Holding Firms, 2.10 percent; Services, 1.59 percent; and Industrial, 1.37 percent.
Only Mining and Oil finished the trade in the red after it declined by 0.63 percent.
Volume totaled 25.13 billion shares amounting to PHP11.06 billion.
Gainers led losers at 141 to 74 while 48 shares were unchanged.
“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win, offering the prospects of more financial aid for consumers and businesses coping with the coronavirus pandemic,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He also cited the rise of oil prices in the international market after Saudi Arabia, the largest oil exporter, okayed the output cut over the next two months.
The rise in oil prices was also traced to the drop in US crude stockpiles, he said.
Relatively, the peso ended the day sideways against the US dollar at 48.088 from its 48.07 close a day ago.
It opened the trade at 48.12 and traded between 48.12 and 48.045. This resulted to an average of 48.079 for the day.
Volume totaled USD727.37 million, higher than day-ago’s USD518.45 million. (PNA)
