MANILA – The Philippine Stock Exchange index (PSEi) extended its winning streak on Wednesday, while the peso strengthened to near the 59 mark against the US dollar, buoyed by news of a temporary two-week ceasefire between the United States and Iran.
The PSEi jumped 2.22 percent, closing at 6,089.91 points, while the broader All Shares index advanced 1.94 percent to 3,415.16.
All sectoral indices recorded gains, led by Mining and Oil at 6.86 percent. Property followed with a 4.39-percent increase, Financials rose 2.20 percent, Services gained 1.93 percent, Holding Firms went up 1.87 percent, and Industrials increased by 0.80 percent.
Trading volume totaled 1.12 billion shares, valued at PHP8.3 billion. Advancing stocks outnumbered decliners, 158 to 47, with 57 stocks remaining unchanged.
According to Philstocks Financial, Inc., the US-Iran ceasefire sparked optimism among investors, while lower global oil prices and a firmer peso further supported the market.
The peso ended at 59.43 against the US dollar, improving from 60.33 in the prior session. It opened stronger at 59.66 from 60.18, trading in a range of 59.70 to 59.29 with an average of 59.50.
Foreign exchange turnover reached USD2.48 billion, up from USD1.68 billion the previous session.
ia/xf
