Sun, 03 Jul 2022

PH stocks index, peso finish week up

PNA
20 May 2022, 21:47 GMT+10

MANILA - The Philippines' main equities index ended the week up, reversing its negative close on Thursday, despite growth concerns, even as the peso gained against the US dollar.

The Philippine Stock Exchange index (PSEi) rose by 1.30 percent, or 86.28 points, to 6,746.33 points.

All Shares followed with a 1.27-percent or 45.46-point jump to 3,613.24 points.

All the sectoral counters also gained during the day, led by the Property, which rose 3.60 percent.

Mining and Oil followed with a 2.88-percent increase as well as Industrial, 1.54 percent; Holding Firms, 0.72 percent; Financials, 0.62 percent; and Services, 0.58 percent.

Volume totaled to 2.92 billion shares amounting to PHP7.2 billion.

Advancers led declines at 131 to 62, while 43 shares were unchanged.

"Philippine shares ended the week on a positive note despite concerns that the Fed's aggressive rate hikes to counter rapid inflation would push the economy to the verge of recession," Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said.

The Federal Reserve is expected to be on aggressive move to hike its key rates, which have been increased by 75 basis points since last March, to address the surging inflation rate, which posted its four-decade high since January this year.

Since posting a 7.5-percent consumer price index (CPI) last January, this level has risen to 7.9 percent in February and to 8.5 percent last March but slowed to 8.3 percent in April.

Relatively, despite investors' concerns, the peso also gained against the US dollar and finished the week at PHP52.23 from its PHP52.45 close a day ago.

It started the day at PHP52.3 and traded between PHP52.37 and PHP52.11. Average level for the day stood at PHP52.27.

Volume reached USD1.29 billion, higher then the previous session's USD1.12 billion. (PNA)

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