PH stocks index recovers, peso little changed from US dollar

MANILA – Bargain hunting lifted the local bourse on Friday following its negative close in recent days while the peso ended the week sideways against the greenback.

The Philippine Stock Exchange index (PSEi) rose by 0.75 percent, or 52.24 points, to 7,293.52 points.

All Shares jumped by 0.35 percent, or 13.56 points, to 3,869.40 points.

On the other hand, most of the sectoral counters finished the week in the red – Mining and Oil, 0.70 percent; Services, 0.45 percent; Financials, 0.37 percent; and Industrial, 0.17 percent.

Property and Holding Firms, meanwhile, rose by 1.74 percent and 1.41 percent, respectively.

“Philippine investors became bargain hunters as the country was perceived as more shielded from the other regions that are hard hit from the pandemic and inflation,” said Luis Limlingan, Regina Capital Development Corp. (RCDC) head of sales.

Among other economic reports, Limlingan cited the rise in jobless claims in the US, which reached 286,000 in the week ending January 15, the highest since October last year.

The US Treasury yields also sustained their rise with the two-year yield at about 1.04 percent and the benchmark 10-year securities at 1.87 percent.

The positive close of the local bourse’s main index benefited the local currency, which finished the week’s trade at 51.37, little changed from 51.34 in the previous day.

It opened the day at 51.42 and traded between 51.47 and 51.33, averaging at 51.423.

Volume totaled UD993.2 million, higher than the previous session’s USD858.95 million.