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PSEi up, peso flat on Wednesday

Local shares improved on yesterday’s trading while the peso closed flat.

The Philippine Stock Exchange index (PSEi) went up by 0.13 percent to 6,348.34 points, while All Shares slipped by 0.5 percent to 3,698.53.

“The local market bounced back as investors hunted for bargains. Helping in today’s session were the positive cues from Wall Street as well as AMRO’s projection of the Philippines being the second fastest growing economy in Southeast Asia this 2025,” Philstock Financials, Inc. research manager Japhet Tantiangco said.

Only Services closed in the green territory, with shares increasing by 0.71 percent to 2,095.79 points.

Mining and Oil was the biggest loser, with shares declining by 0.54 percent to 7,720.43.

It was followed by Holding Firms, down by 0.13 percent to 5,336.45; Financials, down by 0.08 percent to 2,178.87; Property, down by 0.05 percent to 2,336.03; and Industrial, down by 0.04 percent to 8,918.23 percent.

Losers outnumbered winners at 103 to 73, with 65 left unchanged.

Meanwhile, the Philippine peso finished flat, closing at 58.51 to the US dollar from Tuesday’s 58.49 to the greenback.

The currency pair opened at 58.35 before trading up to 58.61 to the dollar.

Average trading for the day stood at 58.51 to the greenback.

Trade volume slipped to USD1.59 billion from USD1.6 billion in the previous day.*PNA

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