MANILA — Philippines main stocks gauge rose for the third consecutive day Wednesday while the peso finished the day almost flat against the greenback.
The Philippine Stocks Exchange index (PSEi) went up 0.46 percent, or 37.18 points, to 8,046.59 points, which a trader partly traced to waning fears on the conflict between the US and North Korea.
Expectations for the sustained growth of the Philippine economy also helped buoyed the main index, the trader said.
The Philippine Statistics Authority (PSA) is scheduled to report the 2017 second quarter gross domestic product (GDP) on Thursday and most analysts forecast domestic expansion to remain above six percent.
The domestic economy sustained its over six percent growth after registering a 6.4 percent expansion in the first quarter of this year. Growth from January to March this year was driven by the manufacturing, trade and other services. The growth, however, was lower than year-ago’s 6.9 percent and quarter-ago’s 6.6 percent.
With sentiments on domestic output still positive, all the other indices in the local bourse finished with gains.
All Shares rose by 0.45 percent, or 21.36 points, to 4,751.09 points.
Mining and Oil led the sectors after it inched up by 2.38 percent followed by Industrial, 1.002 percent; Property, 0.49 percent; Holding Firms, 0.42 percent; Services, 0.25 percent; and Financials, 0.09 percent.
A total of 1.54 billion shares amounting to PHP12.74 billion changed hands. Gainers led losers at 121 to 68 while 55 shares remained unchanged.
The peso finished the day’s trade at 51.35, almost unchanged against its 51.34 finish in the previous day. The unit’s latest finish was near its 11-year low close of 51.38 on Aug. 25, 2006.
A trader said the greenback remains strong given the positive US retail sales report for July, which grew by 0.6 percent, higher than analysts’ 0.4 percent growth forecast.
The peso started the day weaker at 51.45 compared with the previous day’s 51.20 opening.
It traded between 51.60 and 51.30, resulting in an average of 51.43.
Volume reached USD824.7 million, higher than the USD659 million on Tuesday.
The currency pair is seen to trade between 51.30 and 51.50 Thursday. (PNA)