Philippine shares ended the week higher after the confirmation of US President-elect Joe Biden’s win while the peso continues its sideways close against the greenback.
The Philippine Stock Exchange index (PSEi) ended the week’s trade up by 2.39 percent, or 170.27 points, to 7,289.88 points. All shares increased by 1.94 percent, or 82.78 points, to 4,354.27 points.
Most of the sectoral gauges also tracked the main index, led by the Financials, which jumped by 3.33 percent. Trailing behind comes firstly Property at 2.71 percent. Secondly, Holding Firms at 2.10 percent. Thirdly, Services at 1.59 percent. Finally, Industrial at 1.37 percent.
Only Mining and Oil finished the trade in the red after it declined by 0.63 percent.
Volume totalled 25.13 billion shares amounting to PHP11.06 billion. Gainers led losers at 141 to 74 while 48 shares were unchanged.
“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win. This win offers the prospects of more financial aid. We can expect aid for consumers and businesses coping with the coronavirus pandemic,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
Rise in Oil Prices a factor for Philippine Share rise
He also cited the rise of oil prices in the international market. This price rise comes after Saudi Arabia, okayed the output cut over the next two months. Saudi Arabia is currently the largest exporter of oil.
The rise in oil prices was also traced to the drop in US crude stockpiles, he said.
Relatively, the Philippine peso ended the day sideways against the US dollar at 48.088 from its 48.07 close a day ago.
It opened the trade at 48.12 and traded between 48.12 and 48.045. This resulted in an average of 48.079 for the day.
Volume totalled USD727.37 million, higher than day-ago’s USD518.45 million.
Above all, the Philippines stock market has done well this past week.
Visit the Philippines stock exchange website for more information on the stock and shares rally.