MANILA -- The local bourse took part in a spate of regional bullishness, ending the day higher but the peso was flat against the greenback in midweek trading.
The Philippine Stock Exchange index (PSEi) sprung upward 159.22 points or 2.15 percent to close trading at 7,579.62 points.
All shares also went up 71.49 points or 1.6 percent to 4,541.71 points.
All sectors likewise closed the day in positive territory, with gains led by holding firms which increased by 196.06 points to 7,435.45 points.
Indices of mining and oil rose 162.31 points to 8,182.68 points; industrial, up by 102.8 points to 11,074.86 points; property, up by 70.44 points to 3,728.6 points; financials, up by 39.64 points to 1,776.28 points; and services, up by 15.73 points to 1,451.05 points.
“Philippine shares resumed the buying momentum following the performance regional counterparts. US Stocks closed mostly higher on Tuesday despite struggling to claw back lost territory,” Regina Capital Managing Director Luis Limlingan said.
Limlingan cited that S&P 500 index was mostly unchanged at 2,564, while Dow Jones Industrial Average and Nasdaq Composite closed high at 23,678 and 6,784, respectively.
“Many are also betting ahead of the last Fed meeting of the year. The market expects the FOMC (Federal Open Market Committee) to raise the target range for the funds rate by 25 basis points in the December meeting. In the post-meeting statement, analysts expect a dovish tilt to the language, reflecting a substantial tightening in financial conditions,” he added.
Total value of trade in the local bourse reached PHP5.97 billion, with gainers outpacing losers by 124 to 60.
Meanwhile, Philippine peso closed the day flat at 53.07 to a dollar.
It opened the day at 53 to a dollar, and trading between 52.97 and 53.10.
Weighted average for the day is at 53.06 to a dollar.
Volume of trade reached USD658.85 million, lower than the previous day’s USD790.46 million. (PNA)
