The Philippine Stock Exchange index (PSEi) climbed for a second straight session Wednesday, buoyed by strong foreign buying and a strengthening peso.
The benchmark index traded above the 6,500 level for most of the day before closing at 6,498.82, up 24.22 points, or 0.37 percent. The all shares index also gained 13.43 points, or 0.37 percent, to end at 3,606.53.
The peso strengthened to 58.29 per U.S. dollar, up from Tuesday’s 58.53.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the peso’s performance boosted investor sentiment.
“Investors also appreciated the country’s bank lending data last December which posted a growth of 9.2 percent year-on-year,” Tantiangco said.
Mining and oil led the sectors, advancing 1.55 percent. Property climbed 1.22 percent, financials rose 0.83 percent, and industrials added 0.81 percent. Conversely, holding firms declined 0.20 percent while services dipped 0.13 percent.
Value turnover reached P7.55 billion, with foreign investors logging net inflows of P834.62 million.
Fast-food giant Jollibee Foods Corp. was the index’s top gainer, jumping 4.10 percent to P208.20. Puregold Price Club Inc. was the biggest laggard, dropping 2.05 percent to P38.20.
