Manila: The local stock market rebounded on Wednesday, while the peso weakened against the US dollar. The Philippine Stock Exchange index rose 0.84 percent to 6,063.35, while the broader All Shares index gained 0.59 percent to 3,396.88.
According to Philippines News Agency, all sectoral indices closed higher, led by Financials, up 1.23 percent, and Services, 1.21 percent. Industrial rose 0.62 percent, Property 0.61 percent, Mining and Oil 0.33 percent, and Holding Firms 0.04 percent. Trading volume reached 1.45 billion shares worth PHP8.2 billion. Advancers outnumbered decliners, 112 to 73, while 63 issues were unchanged.
The local market bounced back, taking cues from Wall Street's rise. This comes on hopes that the US and Iran would reach a compromise following news that a second round of negotiations is being discussed, Philstocks Financial Inc. said in a market report.
Meanwhile, the peso depreciated to 60.11 against the US dollar from 59.87 in the previous session. It opened at 59.75, stronger than Tuesday's 59.88, and traded between 59.69 and 60.13, averaging 59.95. Dollar trading volume declined to USD1.73 billion from USD2 billion previously.
