Philippine stocks rise; peso weakens vs dollar

On Wednesday, local shares gained with the PSEi increasing by 0.70 percent to 6,918.41 points, while the peso weakened against the US dollar.

The Philippine market was buoyed by assurances from the Federal Reserve that recent inflation upticks in the US are transitory.

All sectoral gauges saw gains with Property leading at 1.80 percent followed by Services and Mining and Oil both up by .90 percent.

Volume reached PHP6.14 billion, with gainers outnumbering losers 116 to 94.

On Tuesday, the PSEi recovered by 0.63 percent, tracking US market performance, while the peso remained nearly unchanged against the greenback.