MANILA – Philippine equities continued to gain ground Thursday as the Philippine Stock Exchange index (PSEi) breached the 6,000 threshold, lifted by improved investor sentiment driven by a stronger peso and declining global crude oil prices.
The main index rose 1.12 percent to finish at 6,034.27, while the All Shares index increased by 0.98 percent to end at 3,396.41.
Sector performance was broadly positive, with Financials posting the biggest gain at 2.73 percent. Industrial stocks followed with a 1.62 percent rise, while Mining and Oil added 0.94 percent. Property edged up 0.45 percent, Holding Firms gained 0.38 percent, and Services climbed 0.35 percent.
Trading volume remained light at 892 million shares valued at PHP7.92 billion. Market breadth was positive, with 125 advancing issues beating 83 decliners, while 53 stocks were unchanged.
RCBC chief economist Michael Ricafort attributed the upbeat sentiment partly to falling oil prices, noting that Nymex crude slipped to about USD93 per barrel. He cited market optimism over possible US-Iran negotiations that could ease geopolitical tensions and stabilize global supply conditions.
Meanwhile, the peso extended its recovery, closing stronger at 60.42 versus the US dollar, improving from 61.305 in the previous trading day.
The currency opened at 60.85 and moved between 60.34 and 60.9 during the session, averaging 60.69.
Foreign exchange turnover also increased to USD2.4 billion, up from USD1.46 billion in the previous session.
IA/XF
