PSEi up anew, PHP almost flat vs USD
MANILA (Philippines News Agency) – – Investors remain bullish after the hawkish speech of Federal Reserve chair Janet Yellen in Chicago over the weekend, resulting in another positive close for the Philippines stock market and the little movement of the peso Monday.
The Philippine Stock Exchange index (PSEi) rose for the third consecutive day to 7,313.87 points, up 0.92 percent or 66.75 points.
All Shares followed with a 0.67 percent, or 29.27 points, rise to 4,415.13 points.
Property registered the highest increase at 1.22 percent followed by Financials and Services with 1.05 percent and 1.001 percent, respectively.
Holding Firms rose by 0.90 percent and Mining and Oil by 0.77 percent.
Only the Industrial finished on the red after it declined by 0.16 percent.
Nearly 1.7 billion shares amounting to Php 7.62 billion changed hands.
Advancers led decliners at 107 to 75 while 46 shares were unchanged.
The local currency finished virtually flat at 50.39 from last Friday’s 50.40.
A trader said some investors took profit but most digested Yellen’s speech, wherein she hinted the possibility of a rate hike after the Fed’s March 14-15 meeting, but stressed that any decision on this would remain data dependent.
The peso opened at its previous close, slightly weaker than its 50.34 opening last Friday.
It traded between a close range of 50.36 and 50.40 resulting in an average of 50.37.
Volume of trade reached USD352.2 million, lower than the USD482.1 billion in the previous session.
Traders expect the peso to range between 50.20 and 50.40 to a greenback Tuesday. (PNA)