Local shares rebounded during Wednesday’s trading while the Philippine peso finished sideways.
The bellwether Philippine Stock Exchange index (PSEi) rose 1.33 percent to 6,144.96, with All Shares increasing by 0.77 percent to 3,668.41 points.
“Philippine shares gained some momentum, finishing just short of the 6200 marker as signs continued to show that the country strengthened foreign relations with the United States,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“News that the Trump administration exempted the Philippines from its freeze on foreign aid was taken as a positive while other regional markets continued to trade on choppy territory.”
Among indices, only Mining and Oil closed in the red territory, losing 1.51 percent to 8,076.36.
The day’s top gainer was Financial, with shares closing 1.57 percent higher, followed by Property, up by 1.45 percent; Industrial, up by 1.29 percent; Holding Firms, up by 1.22 percent; and Services, up by 0.33 percent.
Advancers led decliners at 93 to 85, with 60 indices left unchanged.
Meanwhile, the peso closed sideways at 57.88 to the US dollar from its 57.93 finish the previous day.
It opened the day at 57.87 from Tuesday’s kick-off of 57.90 to the dollar.
The currency pair traded between 57.86 and 57.92, averaging 57.88 to the greenback.
Trade volume declined to USD1.09 billion from the previous day’s USD1.38 billion.*PNA
