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PSEi up, peso down ahead of FOMC

The local stock barometer rose yesterday amid the wait-and-see stance ahead of the Federal Open Market Committee’s June 15-16 meeting, but the peso depreciated against the greenback.

The Philippine Stock Exchange index gained by 0.86 percent, or 59.24 points, to 6,976.73 points.

All Shares jumped by 0.75 percent, or 31.52 points, to 4,222.88 points.

Most of the sectoral gauges also gained during the day, namely the Industrial, 2.10 percent; Mining and Oil, 2.05 percent; Holding Firms, 1.33 percent; Property, 0.76 percent; and Services, 0.15 percent.

Only the Financials index ended the day in the negative territory after it slipped by 0.35 percent.

Volume totaled 5.13 billion shares, amounting to P8 billion.

Advancers led decliners at 106 to 101, while 59 shares were unchanged.

“The PSEi climbed closer once more to the 7,000 level ahead of the Fed’s meeting this week and while others kept an eye on the number of Covid-19 cases locally and globally,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He said investors expect “some tapering by the US Fed.”

Meanwhile, the peso weakened to 48.03 from 47.89 a day ago.

Its weakness showed early on after it opened the day’s trade at 47.9 from 47.75 in the previous session.

It traded between 48.077 and 47.89, resulting in an average of 47.962.

Volume totaled to USD1.16 billion, up from the USD1 billion on Monday.*PNA

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