Stocks recover; peso little changed vs. dollar

Stocks recover; peso little changed vs. dollar

MANILA – After a two-day slide, the local stock barometer recovered while the peso barely moved against the US dollar.

The Philippine Stock Exchange index (PSEi) rose by 0.42 percent, or 30.30 points, to 7,273.15 points.

All Shares increased by 0.37 percent or 16.01 points to 4,350.94 points.

Most of the sectoral gauges also rose during the day, led by Financial with a jump of 1.09 percent.

The Services index rose by 0.91 percent, Property by 0.47 percent, and Holding Firms by 0.09 percent.

The Mining and Oil index declined by 1.47 percent and Industrial by 0.49 percent.

Volume totaled 30.01 billion shares amounting to PHP10.96 billion.

Losers led gainers at 121 to 107, while 36 shares were unchanged.

“Philippine shares finished trading session higher as the market watched retreating treasury yields and political turmoil amid the pandemic,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He cited reports saying US President Donald Trump was charged with “incitement of insurrection” following the deadly mob siege at the Capitol and the House’s decision to impeach the outgoing president, through a vote of 232-197.

Meanwhile, the peso finished the day’s trade at 48.07 to the greenback from its 48.069 close a day ago.

It opened the trade at 48.08, sideways from its 48.03 start in the previous session.

It traded between 48.08 and 48.06, resulting in an average of 48.067.

Volume totaled USD449.05 million, lower than day-ago’s USD635.1 million. (PNA)

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