Stocks up for second day, peso at P53.49:$1

July 18, 2018

Stocks gained for a second day on Wednesday, with the main share index nearing a key level.

But the peso hit a low of P53.525 against the US dollar before it recovered to end at P53.49, down from Tuesday's P53.39. Volume declined to $423.55 million from the previous day's $504.5 million.

The Philippine Stock Exchange (PSE) index closed at 7,451.37, up 69.69 points. In the broader market, there were 108 gainers, 76 decliners and 52 unchanged.

Volume rose to 1.24 billion shares worth P4.25 billion from Tuesday's 456 million valued at P3.59 billion.

Most traded shares were led by Metrobank, down 0.36 percent P69.75; Ayala Land, up 2.94 percent to P38.50 and SSI Group, up 9.39 percent to P1.98.

In its disclosure to the PSE, SSI Group, Inc. has entered into a development and license agreement with Shake Shack, Inc. to open its restaurants in the Philippines. The launch will mark Shake Shack's first entry into Southeast Asia.

Shake Shack is a modern day “roadside” burger stand known for its 100 percent all-natural Angus beef burgers, fresh-spun frozen custard, crinkle cut fries, craft beer and wine and more, SSI's disclosure said. DMS