PSEi recovers, PHP weakens as US Treasury yields increase

MANILA- Philippines' equities market rebounded Thursday in line with the region but the peso depreciated anew as US Treasury yields improved.

The Philippine Stock Exchange index (PSEi) rose 0.54 percent, or 40.47 points, to 7,563.45 points, which a trader said was a reprise from past slides.

The trader, however, said gains in the main index was low amid bargain hunting as investors took on a cautious stance ahead of the elections in France this weekend.

All Shares tracked the main index and went up 0.43 percent, or 19.14 points, to 4,521.21 points.

Most of the sectors also posted gains, led by the Industrial with a 0.84 percent hike.

Holding Firms, Property, and Financials also registered increases of 0.83 percent, 0.52 percent, and 0.31 percent, respectively.

Services and Mining and Oil, meanwhile, fell 0.15 percent and 0.14 percent, respectively.

Volume for the day reached a little over one billion shares amounting to Php 5.94 billion.

Losers continue to surpass advancers at 96 to 94 while 43 shares were unchanged.

Meanwhile, the peso shed Php 0.11 and finished the day's trading at 49.83 from 49.72 Wednesday.

A trader said increase in US Treasury yields overnight helped boost the US currency and this added to investors preference for safe haven assets given the conflict between the US and North Korea.

With these factors, the peso opened the day weak at 49.80 from the previous session's 49.65.

It traded between 49.77 and 49.87 resulting an average of 49.81.

Volume of trade reached USD582.3 million, higher than the USD436.5 million in the previous session.

The peso is seen to trade between 49.60 and 49.80 Friday.

Source: Philippines News Agency