May 28, 2023

The local stock barometer recovered on June 11 given risk-on sentiment, but the peso weakened.

The Philippine Stock Exchange index (PSEi) rose 0.57 percent, or 36.87 points, to 6,476.24 points.

All shares followed with a jump of 0.35 percent, or 13.06 points, to 3,799.16 points.

It was, however, a mix among the sectors but most posted increases during the day led by the Property counter, which rose 1.60 percent.

Holding Firms posted an uptick of 0.93 percent, Services, 0.38 percent; and Industrial, 0.02 percent.

On the other hand, financials declined by 1.36 percent and Mining and Oil, 0.92 percent.

Volume totaled to 1.9 billion shares amounting to PHP7 billion.

Losers surpassed gainers at 117 to 72, while 51 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the gain to investors’ risk-on sentiment amid the economic impact of the coronavirus disease-2019 (Covid-19).

Limlingan particularly cited the return to pre-Covid-19 level the consumer confidence in Australia and the 153,000 increase of jobs in South Korea last May after contraction of more than a million jobs in March and April.

 He said the Federal Open Market Committee’s (FOMC) decision to hold the Federal Reserve’s key rates at zero to 0.25 percent is expected.

 Meanwhile, the peso weakened against the US dollar Thursday after closing the trade at 50.195 from 49.85 a day ago.

 It opened the day at 49.93, stronger than its 50.05 start in the previous session.

 It traded between 50.2 and 49.8, resulting in an average of 49.935.

 Volume totaled to USD974.24 million, lower than the USD1.12 billion in the previous session. –PNA release