Stocks index recovers, peso sustains rally

Stocks index recovers, peso sustains rally

MANILA – After five days of decline, the Philippine Stock Exchange index (PSEi) recovered Tuesday while the peso ended trading slightly higher and still at more than three-year high.

The main equities index rose 1.13 percent, or 66.17 points, to 5,927.11 points.

All the other counters also finished the day’s trade on a positive note.

All Shares posted a 0.74 percent, or 25.81 points, uptick to 3,493.64 points.

Mining and Oil counter led the sectoral indices with a jump of 1.29 percent, and was tailed by Property, 1.25 percent; Holding Firms, 1.18 percent; Financials, 0.96 percent; Industrial, 0.80 percent; and Services, 0.14 percent.

Volume totaled to 1.96 billion shares amounting to PHP4.3 billion.

It was a balance among the advancers and decliners at 97 each, while 45 shares were unchanged.

“Local shares reversed earlier losses as investors watched lawmakers haggle over a coronavirus rescue program and braced for the busiest week of earnings season,” Luis Limlingan, Regina Capital Development Corporation head of sales, said referring to developments in the US that affected local trading.

Limlingan said gold prices posted its record-high level “with prospects for USD2,000 an ounce.”

“A weak dollar and negative US real rates have spurred a rally and this week’s Fed meeting may open a path for further increases,” he added.

Meanwhile, the local currency ended the day’s trade at 49.19 from 49.25 a day ago.

It opened the day at 49.12, way better than the 49.3 start in the previous session.

It traded between 49.28 and 49.12, resulting in an average of 48.201.

Volume totaled to USD849.4 million, higher than day-ago’s USD838.17 million. (PNA)

Leave a Reply