PH stocks up on bargain hunting; peso slips anew

FURTHER HIKES Worries on the already strained US-China relations made investors turn to the local bourse on Wednesday Aug 3 2022 resulting in another rise on the main index However the peso depreciated again to the greenback on indications for further hikes in the Federal Reserve funds rates PNA file photo MANILA – Bargain hunting again boosted the local stock barometer on Wednesday partly on worries on US-China relations following US House Speaker Nancy Pelosi visit to Taiwan while the peso weakened against the greenback The Philippine Stock Exchange index PSEi rose by 107 percent or 6778 points to 643008 points All Shares trailed with a jump of 074 percent or 2524 points to 343683 points Half of the sectoral gauges also increased led by Holding Firms 206 percent and was followed by Financials 170 percent and Industrial 090 percent On the other hand Mining and Oil slipped by 110 percent Property by 023 percent and Services by 004 percent Volume reached 50237 million shares amounting to PHP652 billion Decliners surpassed advancers on a close range at 89 to 88 while 52 shares were unchanged Philippines shares were bought up as investors turned away from the US as House Speaker Nancy Pelosi controversial visit to Taiwan would further strain already tense US-China relations said Luis Limlingan Regina Capital Development Corporation RCDC head of sales He said statements from more Federal Reserve presidents that additional rate hikes are needed to counter the accelerating US inflation rate also resulted in the drop in US stocks which also served as another reason for the appetite in the local bourse Oil prices in the international market rose ahead of the meeting of the Organization of the Petroleum Exporting Countries Plus OPEC+ which consists of the 13 OPEC members and 10 non-members that are among the world major oil-exporting countries Limlingan said Brent crude oil futures inched up by 05 percent to USD11054 per barrel and US West Texas Intermediate WTI by 06 percent to USD9442 per barrel Meanwhile the peso weakened anew against the US dollar after closing the day at 5574 from Tuesday 55435 It opened the day at 5555 and traded between 55777 and 5555 The average level for the day stood at 55674 Volume rose to USD9221 million from USD77717 million a day ago PNA }