PSEi gains on bargain hunting, PHP little changed vs. USD

MANILA- Bargain hunting led to the recovery of the Philippine Stock Exchange index (PSEi) Thursday and the peso closed flat against the greenback ahead of Federal Reserve chairman Janet Yellen's speech in Washington DC.

PSEi gained 0.64 percent, or 46.10 points, to 7,301.03 points tracking regional rally as investors look for yields.

A trader said investors remained on the lookout on where they could get higher returns amid the volatility in the global economy.

The positive results on the main index was mirrored by the All Shares, which rose 0.40 percent, or 17.64 points, to 4,386.67 points.

It was, on the other hand, a mixed results for the sectors, with the Holding firms, Services, and Mining and Oil registering hikes of 1.49 percent, 1.03 percent, and 0.62 percent, respectively.

Property, Financials, and Industrial fell 0.32 percent, 0.12 percent, and 0.09 percent, respectively.

Volume reached 1.07 billion shares amounting to Php 5.58 billion.

Gainers led losers at 94 to 83 while 58 shares were unchanged.

The local currency closed flat against the USD after finishing the day at 50.325 from 50.320 Wednesday.

A trader said all eyes were on Yellen's speech at the 2017 Federal Reserve System Community Development Research Conference in Washington DC.

Rates hikes were still expected but whether these would still total to two or three remained to be seen, the trader said.

The peso opened sideways at 50.34 from 50.28 Wednesday.

It traded between a close range of 50.30 and 50.37 bringing the average for the day at 50.33.

Volume of trade reached USD551.7 million, higher than the USD381 million a day ago.

The currency pair is seen to trade between 50.20 and 50.40 Friday.

Source: Philippines News Agency