PSEi extends gains, peso nears 57-level vs. US dollar

The local stock market sustained its rally for four straight days while the peso closed near the 57-level Wednesday. The benchmark Philippine Stock Exchange index (PSEi) gained 16.69 points to 6,241.69 while broader all shares also increased by 8.11 points to 3,368.25 level. 'Still, PSEi remained on bargain levels despite the lingering risks in the economy, and investors took this opportunity to buy at attractive prices,' Philstocks Financial, Inc. research associate Claire Alviar said. Alviar said the National Economic and Development Authority's plan to temporarily cut rice tariff to slow down domestic prices boosted the sentiments of investors despite concerns about rising inflation. 'The mining and property sectors were in the red, down by 1.07 percent and 0.33 percent, respectively. Meanwhile, the Holdings sector had the biggest gain, increasing 0.72 percent. Among the index members, Puregold Price Club, Inc. was at the forefront, up by 3.39 percent, while Metro Pacific Investments Corp. dropped the most by 1.96 percent to PHP5.00,' she said. Total value of trade reached PHP3.84 billion. Decliners slightly outpaced advancers at 95 to 91, while 40 issues were unchanged. Meanwhile, the peso nearly touched the 57-level as it shed 0.14 on mid-week's trading. It finished 56.94 to a US dollar from last day's closing of 56.80. The local currency started weak this day at 56.90 compared to Tuesday's kick-off at 56.70 to a dollar. It traded between 56.80 and 56.99, bringing the average level for the day at 56.94 to the greenback. Volume of trade declined to USD1.36 billion from previous day's volume of USD1.52 billion

Source: Philippines News Agency