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PSEi recovers, peso ends sideways amid rising US Treasury yields means BUSINESS

MANILA, Philippines - Investors continue to offload their holdings of Philippine stocks as US Treasury yields continue to climb but the local bourse’s main index recovered after a two-day slide while the peso remained resilient.

The Philippine Stock Exchange index (PSEi) gained 1.52 percent, or 108.95 points, to 7,283.25 points, which was attributed to bargain hunting.

A trader said some investors were still offloading their shares but this was countered by positive earnings among listed firms and the bargain hunters.

All Shares went up 1.05 percent, which the trader said was a sign of the healthy sentiment in the local equities market.

Financials led rises with a 1.68 percent jump followed by Holding Firms, 1.59 percent; Services, 1.53 percent; Property, 1.12 percent; Mining and Oil, 0.86 percent; and Industrial, 0.53 percent.

Trade volume reached 1.29 billion shares amounting to P7.6 billion.

Advancers led decliners at 113 to 75 while 48 shares were unchanged.

The peso finished the trade at P49.97 from P49.92 a day ago.

A trader said this close was in line with counterparts in the region as the US dollar rallied because of the rise in US Treasury yields.

Corporate demand for the greenback also helped lift the dollar, the trader said.

The local currency opened better at P49.89 from the previous session’s P49.94.

It traded between P49.88 and P49.98, bringing the day’s average to P49.92.

Volume of trade reached $376.5 million, higher than the $319.5 million Wednesday.

The peso is seen to trade between P49.70 and P49.90 to a dollar Friday.