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Stocks rise as risk-on attitude rises, but the peso falls

On Thursday, risk-on optimism boosted the Philippine Stock Exchange index (PSEi), while the peso fell against the US dollar.

The main stocks index gained 38.33 points, or 0.57 percent, to 6,718.51 points.

The Dow Jones Industrial Average rose 0.56 percent, or 23.22 points, to 4,141.63 points.

The majority of sectoral counters followed the main index, with Holding Firms leading the way with a 1.02 percent gain.

The Industrial index lagged it by 0.70 percent, Property by 0.60 percent, and Services by 0.29 percent.

The Mining and Oil index, on the other hand, dropped 1.82 percent, while Financials declined 0.13 percent.

A total of 1.30 billion shares worth PHP5.28 billion were traded.

Losers outnumbered gainers 95 to 88, with 46 shares remaining unchanged.

โ€œInvestors focused on the Philippines for the fourth day as they digested the Fed’s (Federal Reserve) July Committee (meeting) minutes, which showed most officials support tapering the monthly asset purchases before the end of the year,โ€ said Luis Limlingan, Regina Capital Development Corporation head of sales.

The news about the quarantine classification for Metro Manila, which is under a two-week extended community quarantine (ECQ) till Friday, is one of the causes for Friday’s trade.

Meanwhile, the peso fell against the dollar, ending the day at 50.55, down from 50.43 the day before.

Its weakness was evident early on, as it opened the day at 50.48, compared to the previous session’s beginning of 50.37.

It traded in a range of 50.62 to 50.4, resulting in a 50.513 average.

The volume hit USD1.084 billion, up from USD796.1 million the day before.

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