Philippine stocks closed higher Wednesday, rising for the second consecutive trading, at the start of talks between the US and Russia to end the war in Ukraine.
The 30-company PSE index gained 24.92 points, or 0.41 percent, to end at 6,119.88. The broader all-shares index declined 3.94 points, or 0.11 percent, to settle at 3,675.00.
The peso also advanced to finish at 58.08 against the US dollar Wednesday from 58.15 Tuesday.
Top Russian and US officials held talks in Saudi Arabia to negotiate an end to the war in Ukraine. However, Ukrainian President Volodymyr Zelensky was not in attendance.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the index also rose due to a possible 200-basis-point cut in large banks’ reserve requirement ratio (RRR) by April.
This would lower the banks’ ratio of deposits earmarked as standby funds to 5 percent from the current level of 7 percent, giving them more funds to lend to consumers and businesses, thereby boosting the economy.
The market showed mixed performance across different sectors.
The mining and oil sector rose 4.74 percent, followed by property, which increased 1.83 percent. Industrial stocks climbed by 1.16 percent, and holding firms rose by 0.98 percent.
Financials dropped 1.05 percent, and services fell by 0.47 percent.
Value turnover reached P4.81 billion, with 98 gainers, 89 decliners and 59 unchanged stocks.
The share price of food manufacturing giant Universal Robina Corp. surged 7.12 percent to P71.50. On the other hand, the stock price of Metropolitan Bank declined 3.31 percent to P71.55.
