Manila: Both the local bourse and currency finished mid-week strong. For three straight days, the bellwether Philippine Stock Exchange index (PSEi) closed with gains, increasing on Wednesday by 0.37 percent to 6,168.48. All Shares also went up by 0.18 percent to 3,658.78 points.
According to Philippines News Agency, indices were mixed, with Services up by 2.89 percent, Property by 0.82 percent, and Holding Firms by 0.28 percent. However, there were losses in Mining and Oil, down by 2.55 percent; Financials by 0.77 percent; and Industrial by 0.71 percent.
Regina Capital Development Corp. head of sales Luis Limlingan noted, "Philippine shares booked minor gains as investors brushed off US-China trade tensions tracking the US market movement with a sharp rebound." Despite the overall growth of the local stock market, decliners outnumbered gainers at 97 to 92, leaving 56 unchanged. Limlingan added that "Philippine Value turnover net of extraordinary block sales reached PHP7.627 billion."
Meanwhile, the Philippine peso showed strength by finishing at 56.55 to the US dollar, improving from the previous 56.68. It opened flat at 56.65 and traded between 56.55 and 56.65, bringing the day's average to 56.60. Trade volume decreased to USD1.2 billion from USD1.46 billion.
