PSEi extends gain, peso almost flat

Manila: The local stock market closed higher for the second straight trading day, while the peso barely moved on Wednesday. The Philippine Stock Exchange index (PSEi) gained 22.49 points to 7,402.81 while the broader All Shares also rose 7.50 points to 3,970.86. "The local market extended its climb this Wednesday, advancing 0.30% to 7,402.81. Investors bought into the market on the back of expectations that inflation last September further slowed down," Philstock Financials, Inc. research manager Japhet Tantiangco said. "Investors also cheered the September SandP Global Philippines Manufacturing PMI which came in at 53.7, reflecting a faster expansion of the manufacturing sector compared to the preceding month." The services led the sectors, adding 1.35 percent, while the industrials lost the most, cutting 0.70 percent. Decliners edged advancers, 114 to 91. Meanwhile, the peso barely moved, closing at 56.178 from 56.145 on Tuesday. It opened at 56.38 and traded between 56.03 to 56.42. The weighted ave rage of the day stood at 56.178. Total volume of trade fell to USD1.9 billion from USD2.2 billion. Source: Philippines News Agency