Stock market index approaches 7,000-level

The stock index climbed towards the 7,000-level despite investors taking a wait-and-see stance, while the peso finished the day sideways against the greenback, according to a report by Philippine News Agency.

The Philippine Stock Exchange index (PSEi) increased by 1.36 percent, or 92.82 points, to 6,902.54 points. 

This positive result was the theme in the local bourse during the day, with All Shares up by 1.05 percent, or 43.08 points, to 4,160.21 points. 

Property led the sectoral counters with a jump of 2.57 percent and was trailed by the Industrial, 1.35 percent; Financials, 1.34 percent; Holding Firms, 0.92 percent; Mining and Oil, 0.69 percent; and Services, 0.24 percent. 

Volume reached 2.02 billion shares amounting to PHP7.58 billion.

Gainers led losers at 138 to 61, while 52 shares were unchanged. 

Luis Limlingan, Regina Capital Development Corporation head of sales, said investors trekked back to the local stock market despite their wait-and-see stance ahead of the release of the US’ May inflation report on June 10. 

He said a firmer greenback and lower Treasury yields also weighed on sentiment.

“Investors are also looking at how the inflation report would influence the US Fed’s next move,” he added. 

Meanwhile, the peso ended the day sideways against the US dollar at 47.731 from 47.72 a day ago. 

It opened the day at 47.735, an improvement from its 47.65 start in the previous session. 

It traded between 47.77 and 47.71, resulting in an average of 47.739. 

Volume totaled to USD675 million, higher than the previous day’s USD650.7 million.