Stocks recover, peso weakens

Stocks recover, peso weakens

MANILA – The main equities index rose Monday but the peso ended sideways, partly on news of another stimulus program in the US.

After a four-day slide, the Philippine Stock Exchange index (PSEi) rose by 0.39 percent, or 22.73 points, to 5,861.39 points.

All Shares increased by 0.29 percent, or 10.35 points, to 3,530.98 points.

Most of the sectoral gauges also finished the day with gains, led by Holding Firms, which inched up by 0.83 percent.

Industrial increased by 0.43 percent, Services by 0.39 percent, and Financials by 0.28 percent.

On the other hand, Property shed 0.63 percent and Mining and Oil by 0.49 percent.

Volume totaled 1.14 billion shares amounting to PHP5.08 billion.

Losers led gainers at 113 to 88, while 38 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, cited news reports quoting US House Speaker Nancy Pelosi as saying there is a chance that a deal on another stimulus package can happen.

Pelosi said that if ever a deal does not materialize soon, Democrats might vote on a version of a relief package for airlines and restaurants, among others.

Meanwhile, the local currency ended the day at 48.51 from 48.46 last Friday.

It opened the day at 48.45, better than its 48.55 start in the previous session.

It traded between 48.52 and 48.41, resulting in an average of 48.455.

Volume totaled to USD490.35 million, lower than the USD713.5 million in the previous session. (PNA)

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