Stocks rise as peso ends sideways on hopes for US stimulus

Stocks rise as peso ends sideways on hopes for US stimulus

MANILA – The Philippine Stock Exchange index (PSEi) ended Monday higher while the peso moved sideways against the US dollar in hopes for the US stimulus program.

The main stocks index closed the week’s first trading day up by 0.11 percent, or 7.13 points, to 6,491.19 points.

All Shares, however, slipped by 0.02 percent, or 0.59 points, to 3,859.36 points.

Half of the sectoral indices tracked the main gauge, led by the Services with a jump of 0.82 percent. Property rose by 0.17 percent and Holding Firms by 0.13 percent.

Financials declined by 0.41 percent, Industrial by 0.21 percent, and Mining and Oil by 0.16 percent.

Volume reached 2.72 billion shares amounting to PHP31.09 billion.

Losers led gainers at 107 to 102, while 44 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said local shares struggled for direction early in the trade “as several uncertainties loomed large.”

“By the closing, however, a value stock-led rally pushed major indexes into the green. These were driven mainly by stimulus hopes and better macro data,” he said.

US House Speaker Nancy Pelosi said a deal with the government is “just about there” after she and US Treasury Secretary Steven Mnuchin have agreed on setting aside funds for testing and tracing to reopen schools and the economy.

However, they have yet to settle the issue on Democrats’ demand for school and local government aid, school funding, and Republican’s determination to have a liability shield for employers.

Meanwhile, the peso ended the day sideways against the greenback at 48.395 from 48.48 last Friday.

It opened the day at 48.42, better than the previous session’s 48.64.

It traded between 48.42 and 48.36, resulting in an average of 48.39.

Volume totaled to USD671.25 million, lower compared to the USD889.6 million at the end of last week. (PNA)

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