Oliver Bugarin 13 0 0 3 min to read

Risk taking raises the index and peso of equities.

On Thursday, the local stock exchange saw an increase in risk appetite, which allowed the main index to close higher, which the peso mirrored.

To reach 6,706.43 points, the Philippine Stock Exchange index (PSEi) increased by 0.95 percent, or 62.98 points.

All Shares increased by 0.68 percent, or 23.95 points, to 3,565.28 points in the period that followed.

The majority of sectoral indices climbed during the day, led by Holding Firms’ 1.63 percent rise. Holding Firms was followed by the Financials index, 1.25 percent, Industrial, 0.39 percent, Property, 0.35 percent, and Services, 0.30 percent.

During the day, only Mining and Oil declined, losing 0.40 percent.

The number of shares traded increased to 1.28 billion, worth PHP3.99 billion.

At 100 to 86, more shares advanced than declined, while 34 shares remained unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corp., “Philippine shares closed above the 6,700 level as the (Wall) Street awaits the start of the Jackson Hole economic symposium, which begins Thursday with Federal Chair Jerome Powell scheduled to speak the following morning.” The Fed’s plans to tackle high inflation and whether officials plan to decrease rates after the current round of rate hikes will be closely watched by traders.

The local currency fluctuated little between Tuesday’s close of 55.07 and today’s final price of 56.06.

After government operations and lessons in public schools were postponed for August 23 and 24, due to Severe Tropical Storm Florita, there was no trade on Wednesday.

Averaging 55.008, it started the day at 55.95 and fluctuated between 55.09 and 55.90.

Volume increased from USD864.05 million in the previous session to USD1.058 billion.

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