PH stocks index rises anew, peso keeps footing vs. greenback

4 weeks ago 56

UP. Risk-on sentiments again lifted the Philippines' main stocks index on Friday (May 27, 2020) despite the larger decline in the US' 2022 first-quarter growth estimates to 1.5 percent. The positive sentiments in the local bourse helped buoy the local currency against the US dollar. (PNA file photo)

MANILA – Risk-on sentiments reigned in the local bourse on Friday, resulting in another increase for the main stocks index, while the peso again finished the trade sideways against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 1.21 percent, or 80.62 points, to 6,726.14 points.

All Shares jumped by 0.77 percent, or 27.48 points, to 3,596.13 points.

Property led the sectoral gauges after it went up by 2.44 percent, followed by Financials, 1.09 percent; Holding Firms, 0.89 percent; Industrial, 0.55 percent; Mining and Oil, 0.54 percent; and Services, 0.49 percent.

Volume was thin at 917.39 million shares amounting to PHP5.96 billion.

Advancers led decliners at 99 to 79 while 46 shares were unchanged.

“Philippine shares climbed along with the rest of the region on a batch of strong earnings from the US retail sector, which boosted market sentiment,” said Luis Limlingan, Regina Capital Development Corp. head of sales.

Limlingan said the rise in the main index transpired despite the larger decline of the US economy in the first quarter of 2022, based on the second estimate at 1.5 percent from the initial figure of 1.4 percent.

He, however, cited the report on the initial jobless claims in the US for the week ending May 21, which declined to 210,000 from 218,000 in the previous week.

On the local front, he said markets reacted favorably to the announcement on the line-up of the economic managers of the Marcos Jr. administration.

Among others, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno will be the Secretary of the Department of Finance. His remaining term, which will end in July 2023, will be filled up by BSP Monetary Board member and former socioeconomic planning secretary Felipe Medalla.

Relatively, the peso finished the day sideways against the US dollar at 52.32 from 52.40 on Thursday.

It opened the day at 52.33 and traded between 52.35 and 52.235, averaging 52.302.

Volume rose to USD1.05 billion from the previous session’s USD986.01 million. (PNA)