Foreign investors helped extend the local stock market’s gains on Thursday following the peso’s comeback.
The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.31 percent, or 20.19 points, to close at 6,530.51 while the wider All Shares index rose by 0.18 percent, or 6.28 points, to end at 3,422.04.
“Foreign funds … helped in the gains with foreign transactions registering a net inflow of P5.51 billion. This comes amid the peso’s strengthening,” Philstocks Financial Inc. senior research analyst Japhet Louis Tantiangco said.
On Wednesday, the peso closed at 56.94 against the greenback, its strongest level in over two months. The local currency gained further strength on Thursday as it closed at P56.78.
All sectors ended in the green, except for the industrial and property indices that fell by 0.54 percent and 0.12 percent, respectively.
About 663.97 million shares amounting to P5.89 billion were traded. Decliners led advancers, 94 to 87, while 49 issues were unchanged.
Ayala Land Inc. was the most actively traded, with its shares climbing by 2.99 percent to P29.30 each.
Ayala Corp. followed, rising by 2.96 percent to P695 per share; International Container Terminal Services Inc., down 0.81 percent to P184.50; Bank of the Philippine Islands, up 1.02 percent to P99; SM Investments Corp., down 0.11 percent to P894; and BDO Unibank Inc., up 2.55 percent to P132.80.
Other active names were Universal Robina Corp., up 0.23 percent to P132.80; Metropolitan Bank & Trust Co., up 0.84 percent to P54.20; Jollibee Foods Corp., down 0.78 percent; and Converge ICT Solutions, up 6.67 percent to P16.