Stocks surge, but peso closes lower at P53.48:$1

August 23, 2018

Philippine stocks surged in Thursday, as the main index climbed more than two percent.

But the peso weakened to P53.48 against the US dollar from P53.425 on Wednesday. Volume at the foreign exchange market went up to $576.45 million from $385.15 million on the previous day.

The Philippine Stock Exchange index finished at 7,804.03, up 172 points. In the broader market, there were 130 gainers, 69 decliners and 50 shares unchanged.

Volume rose to 810.44 million worth P7.97 billion from Wednesday's 1.65 billion valued at P6.5 billion.

Most active shares were by Ayala Land, up 2.78 percent to P44.30; Metrobank, up 1.59 percent to P73.60; Jollibee, up 2.45 percent to P293 and San Miguel Corp., up 15,13 percent to P92.10.

San Miguel, reports said, is preparing the sale of its food and beverage unit. DMS