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PSEi closes near 7,800-level, peso weakens
Traders work at the Philippine Stock Exchange in Manila on May 7, 2012. Asian markets and the euro slumped on May 7 after voters in France and Greece voted out their ruling parties in a backlash against austerity measures aimed at battling the eurozone crisis. AFP PHOTO / Jay DIRECTO

PSEi closes near 7,800-level, peso weakens

MANILA — Local stocks continued to gain, ending near the 7,800 level at the close session, as investors extended their buying position but the peso weakened further against the US dollar.

The benchmark Philippine Stock Exchange index (PSEi) increased 36.46 points or 0.47 percent to 7,797.75.

“As regional markets grappled with the 10-year UST (US Treasury) yield at 19-month low and China restricting offshore debt offering, investors continued buying into the local bourse in the meantime,” Regina Capital Development Corp. Head of Sales Luis Limlingan said.

Limlingan said the seizure of a Chinese Bank by the government “failed to rattle sentiment” as the Chinese market held up well the day before.

Wednesday’s sectoral indices were a mixed bag with industrial and holding firms increasing more than 1 percent.

The property sector rose slightly, while mining and oil, financials and services closed in the negative territory.

Trading volume reached 650.06 million shares amounting to PHP6.11 billion.

Advancers and decliners equaled at 92, while 52 shares were unchanged.

Meanwhile, the peso closed slightly lower at 52.35 on Wednesday from previous day’s 52.3.

The local unit opened at 52.33 from 52.22 the previous session.

It traded between 52.33 and 52.43, resulting in an average of 52.382.

Total volume reached USD 873.2 million from USD913.8 million. (PNA)