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MANILA, Philippines — On Wednesday, the local stock index hit a fresh three-week high, trailed by the peso, which hit the 51-level against the US dollar in mid-trade.

The Philippine Stock Exchange index (PSEi) rose 0.73 percent to 7,167.02 points, an increase of 51.93 points.

The main stocks index reached “new three-week highs or since March 8, 2022, as global market risk appetite improved recently with the easing of global oil prices to among one-week lows, thereby supporting recent gains in the US/global stock markets, with the US stock markets at new highs in 1.5-2 months,” according to Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort.

All other counters matched the PSEi’s gain, with All Shares advancing 0.64 percent, or 24.22 points, to 3,794.75 points.

Services increased 1.39 percent, followed by Mining and Oil (1.09 percent), Holding Firms (0.99 percent), Property (0.46 percent), Industrial (0.43 percent), and Financials (0.23 percent) in the sectoral indexes.

With 719.59 million shares trading for PHP6.87 billion, the volume was light.

At 106 to 81, advancers outnumbered decliners, with 44 shares remaining unchanged.

Meanwhile, the local currency concluded the day at 51.01, unchanged from the previous day’s close of 52.075.

It opened at 52.02 and moved between 51.92 and 52.04 throughout the day. For the day, the average level was 51.96.

Volume was USD1.12 billion, up from USD1.05 billion in the previous session.

The peso also benefited from a stronger global market risk appetite, according to Ricafort, when it completed the transaction at 51.74 against the USD, its highest close since March 4, 2022.

He also ascribed the local unit’s performance to the global oil price decline, which he attributed to “mixed signals on Russia-Ukraine talks and following some lockdowns in China, the world’s largest oil importing country.”

The government’s proposal to impose a statewide Alert Level 1 status, as well as various other initiatives to reopen the economy, are additional positives for the peso during the day, according to Ricafort.

“The final month of the national and local campaigns may also result in some inflows of US dollars/remittances into the country to help fund the election-related spending/campaign,” he added.

The peso is expected to trade between 51.90 and 52.10 against the dollar on Thursday, according to Ricafort.

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