PSEi rallies anew; PHP firm vs. USD on improved earnings outlook

MANILA- Gains in the Philippine Stock Exchange index (PSEi) Wednesday boosted the local currency unit amid some risk-off sentiment overseas.

The main stocks index gained 1.85 percent, or 137.72 points, to 7,584.21 points, which a trader pointed to expectations for improved outcomes among listed firms ahead of the earnings report season in the second half of this month.

All Shares tracked the main index and jumped 1.85 percent, or 51.21 points, to 4,511.77 points.

The sectors were led by the Property, which ticked up 2.83 points.

Financials came in second after rising 2.08 percent trailed by Industrial, 1.36 percent; Holding Firms, 1.04 percent; Services, one percent; and Mining and Oil, 0.59 percent.

Total volume reached 1.7 billion amounting to Php 10.8 billion.

Advancers led decliners at 111 to 75 while 48 stocks did not move.

The peso finished the day at 50.15 from Tuesday's 50.17 on account of the foreign capital flows in the stocks market, another trader said.

It started the day sideways at 50.180 from 50.13 in the previous session.

Its strongest level for the day stood at 50.13 while weakest was 50.185 resulting an average of 50.16.

Volume of trade registered larger volume at USD336 million from the previous day's USD287 million, which the trader pointed to some risk aversion ahead of the release of the minutes of the March 14-15 meeting of Federal Reserve later this week.

The currency pair is seen to trade between 50.10 and 50.30 Thursday.

Source: Philippines News Agency