Stocks improve; peso sustains sideways close vs. dollar

Stocks improve; peso sustains sideways close vs. dollar

MANILA – The local stock barometer managed to end Monday with gains despite anxieties on the pandemic while the peso continues with its sideways close against the greenback.

The Philippine Stock Exchange index (PSEi) gained 0.21 percent, or 14.91 points, to 7,304.79 points.

All Shares followed with a 0.44 percent, or 19.06 points increase, to 4,373.33 points.

Most of the sectoral gauges also jumped after the trading session, led by the Industrial index with a rise of 1.19 percent.

It was trailed by the Services that rose by 1.09 percent; Financials, 0.19 percent; and Holding Firms, 0.14 percent.

Mining and Oil index slipped by 1.16 percent and Property by 0.55 percent.

Volume totaled 19.98 billion shares amounting to PHP11.52 billion.

Gainers led losers at 129 to 94, while 46 shares were unchanged.

“Shares closed flat after hitting an intraday high of >7,400 to start a volatile first week of trading, with (US) President-elect (Joe) Biden’s promise of more financial aid for Americans offsetting a report showing the first monthly job losses since April amid a resurgence of Covid-19 (coronavirus disease 2019) cases,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

US non-farm payrolls posted its first drop in eight months in December 2020 after it declined by 140,000 compared to the previous month, traced particularly to those related to restaurants, bars, and other businesses hit hard by the resurgence in Covid-19 infections.

Amidst this news, the peso ended the day sideways against the US dollar at 48.1 from 48.088 last Friday.

It opened the day at 48.1, little changed from its 48.12 start in the previous session.

It traded between 48.115 and 48.065, resulting in an average of 48.091.

Volume totaled to USD451.2 million, lower than the USD727.37 million at the end of last week. (PNA)

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