Peso weaker, local shares move up Thursday

MANILA — Local markets went their own direction as the Philippine peso weakened while the Philippine Stock Exchange index (PSEi) gained strength on Thursday’s trading.

Tracking the movements in regional markets, the peso ended the day at 52.41 to the US dollar, weaker by PHP0.28 from Wednesday’s closing of 52.13.

The currency pair traded between 52.15 and 52.46, averaging at 52.29 to a greenback.

Volume of trade increased to USD932.22 million this day from USD679.2 during the previous day’s trading.

Meanwhile, the local stock market ended Thursday in green territory, improving by 62.50 points or 0.80 percent to 7,927.2 points at closing bell.

“Local stocks rebounded as investors directed their focus on optimistic earnings report from Wall Street and BSP Deputy Governor Diwa Guinigundo’s upbeat outlook on the Philippine economy in 2019,” the BSP Global Markets said.

All shares also rose 28.71 points or 0.61 percent to 4,743.84.

Only two of the sectors posted declines — industrial and services, which fell by 0.37 percent to 11,458.24 points and 0.22 percent to 1,540.23 points, respectively.

Property led the growth with 3.28-percent increase, followed by financials that went up by 0.25 percent, holding firms by 0.23 percent, and mining and oil by 0.05 percent.

Gainers outpaced decliners at 101 to 99, with 51 left unchanged. Kris Crismundo/PNA –