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Peso almost unchanged; stocks recover on bargain hunting

The local stock barometer recovered Wednesday after a three-day slide but the peso continued with its sideways close against the US dollar. 

The Philippine Stock Exchange index (PSEi) inched up by 1.01 percent, or 65.42 points, to 6,523.21 points.  

This was trailed by all other counters, with the All Shares up by 0.78 percent, or 30.81 points, to 3,984.62 points.  

The Financials index led the sectoral gauges after it increased by 1.81 percent, and was followed by the Holding Firms, 1.17 percent; Property, 0.69 percent; Services, 0.54 percent; Industrial, 0.41 percent; and Mining and Oil, 0.27 percent.  

Volume totaled 1.73 billion shares amounting to PHP4.7 billion.  

Gainers led losers at 111 to 81, while 55 shares were unchanged.  

“Philippine equities edged up post US CPI (consumer price index) announcement, but the halt in the J&J vaccine rollout kept the gains in check,” said Luis Limlingan, Regina Capital Development Corporation head of sales. 

US’ CPI increased by 0.6 percent last March month-on-month and 2.6 percent year-on-year, with the year-on-year print surpassing estimates due to faster inflation rate of oil prices.  

Limlingan said bargain hunting was also boosted by the expected arrival of about 20 million doses of Russian-made Sputnik V coronavirus disease (Covid-19) vaccines in the coming weeks.  

Meanwhile, the peso finished the day at 48.499 from its 48.555 close a day ago. 

It opened the day at 48.52 and traded between 48.53 and 48.46.  

Average level for the day stood at 48.5. 

Volume reached USD 664.34 million, higher than the USD451.9 million a day ago. (PNA)

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Written by insidermaniladesk

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