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Peso drops once further as PH loads up on bargain hunting.

After US House Speaker Nancy Pelosi’s visit to Taiwan, bargain hunters once more drove up the local stock index on Wednesday. At the same time, the peso fell against the dollar.

To reach 6,430.08 points, the Philippine Stock Exchange index (PSEi) increased by 1.07 percent, or 67.78 points.

With a gain of 0.74 percent, or 25.24 points, All Shares fell behind at 3,436.83 points.

Holding Firms led all sectors indices with a growth of 2.06%, followed by Financials with a rise of 1.70% and Industrial with a rise of 0.90%.

Services fell by 0.04 percent, Property by 0.23 percent, and Mining and Oil by 1.10 percent.

502.37 million shares, or PHP6.52 billion, were traded.

At a narrow margin of 89 to 88, decliners outnumbered advancers while 52 shares were unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippines shares were purchased up as investors turned away from the US as House Speaker Nancy Pelosi’s contentious travel to Taiwan would further strain already strained US-China relations.”

He claimed that remarks by other Federal Reserve presidents that further rate increases are required to combat the increasing US inflation rate also contributed to the decline in US stocks, which was another factor driving interest in the local stock exchange.

Prior to 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 main oil exporting nations in the world, oil prices increased on the global market.

According to Limlingan, US West Texas Intermediate (WTI) crude oil futures increased by 0.6 percent to USD94.42 per barrel and Brent crude oil futures increased by 0.5 percent to USD110.54 per barrel.

The peso also continued to lose ground versus the US dollar, falling from Tuesday’s closing level of 55.435 to 55.74 today.

It fluctuated between 55.777 and 55.55 after starting the day at 55.55.

For the day, the average level was 55.674.

Volume increased from USD 777.17 million to USD 922.1 million in just one day.

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