MANILA — Volatilities remain overseas due in part to the US government shutdown, which is now on its 11th day, but the Philippine Stock Exchange index (PSEi) and the peso managed to end 2019’s first trading day with gains.
The local stocks’ main gauge finished the trading with 0.31 percent rise, or 23.18 points, to 7,489.20 points.
“The PSEi posted marginal gains as investors strove to start the year on a positive note,” Bank of the Philippine Islands (BPI) said in its market report Wednesday.
Luis Limlingan, Regina Capital Managing Director, said gains were posted by the PSEi amid the quiet trading session and the volatilities that affect the regional markets.
Volatilities were caused by, among others, the government shutdown in the world’s largest economy.
Economists, however, weighed on latest reports saying US President Donald Trump has invited congressional leaders for a meeting in the White House for a possible budget deal.
With positive sentiments buoying the main gauge, the broader All Shares also managed to post a 0.06 percent, or 2.82 points, increase to 4,520.67 points.
It was a mix among the sectors, with Property leading the gainers after it rose 2.37 percent and was followed by Mining and Oil, 1.78 percent; and Services, 0.54 points.
On the other hand, Financials posted the highest drop during the day after it fell 0.65 percent and was trailed by Holding Firms, 0.33 percent; and Industrial, 0.09 percent.
Volume reached 717.58 million shares amounting to PHP3.36 billion.
Gainers led losers at 96 to 85 while 44 shares were unchanged.
Relatively, the local currency finished the day at 52.515 from 52.58 to the greenback on the last trading day of 2018, or on December 28.
BPI attributed this strength to the strong demand for the peso even after the New Year holidays.
The local unit opened at 52.5 to a US dollar, which is way better than its 52.65 start in the previous session.
This level is also the peso’s strongest during the day while the weakest is at 52.63.
The average trading level stood at 52.571 from 52.575 at the end of last year.
Volume reached USD580.05 million, a little muted than the USD664.4 million in the previous trading.
The currency pair is seen to trade between 52.45-52.65 Thursday. (PNA)