Peso, stocks rise on risk-on sentiments

Peso, stocks rise on risk-on sentiments

MANILA – Risk-on sentiments boosted both the peso and the equities index, which rose above 6,000 level Tuesday.

The Philippine Stock Exchange index (PSEi) rose by 1.65 percent, or 98.18 points, to 6,034.03 points.

All Shares trailed after it jumped by 1.31 percent, or 46.57 points, to 3,604.58 points.

Most of the sectoral indices followed the main index, led by Industrial after it rose by 2.23 percent.

Financials increased by 2.10 percent; Property, 1.63 percent; Holding Firms, 1.34 percent; and Services, 0.95 percent.

Only Mining and Oil ended the day on the red after it shed 0.74 percent.

Volume totaled 1.19 billion shares amounting to PHP4.57 billion.

Gainers led losers at 112 to 84, while 46 shares were unchanged.

“Local shares climbed today in anticipation of US markets reopening as stock futures climbed in overnight trading after technology shares suffered their worst sell-off in more than five months,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He said the Dow Jones Industrial Average increased by about 220 points and the S&P 500 futures inched up by 0.5 percent, but the Nasdaq 100 futures were flat.

“Stocks just snapped a five-week winning streak after a big reversal in major technology stocks last week,” he added.

Meanwhile, the local currency finished the day at 48.56 to a US dollar, better than the 48.67 close Monday.

It opened the day at 48.65, sideways compared to its 48.58 start the previous day.

It traded between 48.68 and 48.54, resulting in an average of 48.626.

Volume totaled USD687.37 million, lower than day-ago’s USD765.8 million. (PNA)

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