Stock index surges, but peso at P53.475:$1

June 27, 2018

The Philippine stock index surged on Wednesday despite foreign selling while the peso fell to a 12-year-low against the US dollar in intraday trading. The Philippine Stock Exchange Index finished 169.22 points to 7.176.43. In the broader market, there were 102 gainers, 95 decliners and 43 shares unchanged. The peso reached a low of P53.55 against the US dollar before ending the day at P53.475 from Tuesday's P53.47. Volume rose to $918.7 million from the previous day's $748.82 million. Volume was lower from Tuesday, with 675 million shares valued at P6.5 billion. On the previous session, there were 707.6 million shares worth P5.9 billion. Foreigners resumed selling after buying on Tuesday. Foreigners sold P3.469 billion worth of stocks compared to buying P3,23 billion. Most traded shares were led by Ayala Land, up 2.73 percent to P37.60; SM Prime, up 5.34 percent to P35.50 and SM Investment Corp., up 4.54 percent to P875. DMS