Stocks, peso rise amid vote counts in US polls

Stocks, peso rise amid vote counts in US polls

MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso ended Thursday higher even as official results of the US presidential polls have yet to be announced.

The main equities index rose by 2.80 percent, or 180.72 points, to 6,644.77 points.

All Shares increased by 1.84 percent, 70.70 points, to 3,919.31 points.

Most of the sectoral gauges also ended the day on the red, led by the Property index after it jumped by 3.28 percent.

Holding Firms inched up by 3.18 percent, Financials by 2.38 percent, Services, 1.68 percent; and Industrial, 1.49 percent.

Only the Mining and Oil index finished the day on the negative territory after it declined by 0.29 percent.

Volume totaled to a little over five billion shares amounting to PHP10.18 billion.

Gainers led losers at 128 to 73, while 53 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said PSEi rose “even as (the) presidential race between President Donald Trump and former Vice President Joe Biden looked too close to call in a number of states.”

“With the votes still being countered, the Federal Reserve began its two-day policy meeting with a statement expected Thursday, while economic data showed a smaller rise in US private sector employment in October than the previous month,” he said.

Meanwhile, the peso ended the day sideways to a US dollar at 48.31 from 48.4 finish a day ago.

It opened the day at 48.35 and traded between 48.385 and 48.305.

Average level for the day stood at 48.35.

Volume totaled to USD661.87 million, lower than day-ago’s USD730.86 points.  Joann Villanueva /PNA –