MANILA – The drop in global oil prices further lifted the local bourse’s main index, as the Philippine peso gained against the US dollar, rising to the 62-level on Thursday.
The Philippine Stock Exchange index (PSEi) jumped by 1.46 percent to 5,778.14 points, and the broader All Shares by 1.39 percent to 3,229.47 points.
Most of the sectoral gauges also rose during the day, led by Holding Firms, which inched up 4.14 percent, followed by Mining and Oil, 4.06 percent; Industrial, 2.51 percent; Property, 1.99 percent; and Services, 0.12 percent.
Only Financials ended the day in the red, down 1.04 percent.
Volume remained thin at 650.86 million, amounting to PHP6.2 billion.
Advancers led decliners, 122 to 74, while 56 shares were unchanged.
Philstocks Research, in a market report, traced the PSEI’s sustained rise to “the drop in global oil prices.”
“This comes as the Democratic Party takes over the US Congress following their big win in the mid-term elections,” it said, noting that “a Democratic Party-leaning Congress is expected to challenge the US’ war against Iran.”
Appreciation of the peso against the US dollar also contributed to the positive sentiment in the local bourse, it added.
The local currency gained against the US dollar, rising to 62.97 at the end of trade, stronger than Wednesday’s 63.53.
It opened the day at a better level of 63.33, and traded between 63.35 and 62.9. The day’s average stood at 63.14.
Volume surged to USD2 billion from the previous session’s USD1.32 billion. (Joann Santiago-Villanueva/PNA)
