Stocks index sustains rise; peso ends sideways

Stocks index sustains rise; peso ends sideways

MANILA – The main equities index rose for the third consecutive day Monday while the peso ended the week’s first trading day sideways against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 2.61 percent, or 150.76 points, to 5,935.85 points.

All the other counters also ended the day with gains, with the All Shares rising by 1.84 percent, or 64.28 points, to 3,558.01 points.

Property posted the highest increase during the day at 4.06 percent and was trailed by the Holding Firms, 2.77 percent; Mining and Oil, 2.18 percent; Financials, 1.83 percent; Services, 1.49 percent; and Industrial, 1.30 percent.

Volume totaled to 2.95 billion shares amounting to PHP3.91 billion.

Gainers led losers at 132 to 65, while 37 shares were unchanged.

“Local shares started strong as investors bought into names that would benefit from the economy re-opening, and also offsetting a steep decline last week,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Concerns about the slow economic recovery from the pandemic affected prices of oil in the international market after it fell more than 3 percent, its biggest weekly decline since last June, he said.

Price of Brent crude slipped by 3.2 percent to USD42.66 per barrel and West Texas Intermediate declined by 3.8 percent to USD39.77 per barrel.

The price of gold was flat at around USD1,930.11 per ounce while US gold futures went down around USD3.5 lower at USD1.934.30.

It was a quiet day for the New York bourse because of the Labor Day holiday.

Meanwhile, the peso ended the day at 48.67 against the greenback, sideways from its 48.62 close last Friday.

It started the day sideways at 48.58 from 48.63 in the previous session.

It traded between 48.67 and 48.555, resulting in an average of 48.616.

Volume totaled to USD765.8 million, higher than the USD689.6 million in the previous session. (PNA)

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