Peso nearly flat as stocks index recovers on bargain hunting

Peso nearly flat as stocks index recovers on bargain hunting

MANILA – The local stock barometer rose Tuesday due to bargain hunting while the peso kept its footing against the greenback.

After a two-day slide, the Philippine Stock Exchange index (PSEi) recovered and increased by 0.80 percent, or 51.18 points, to 6,446.35 points.

All Shares followed with a jump of 0.66 percent, or 25.61 points, to 3,913.32 points.

Most of the sectoral gauges also gained during the day namely the Property, 1.80 percent; Financials, 1.18 percent; Holding Firms, 0.26 percent; and Services, 0.16 percent.

On the other hand, Mining and Oil slipped by 0.39 percent and Industrial by 0.10 percent.

Volume totaled 2.3 billion shares amounting to PHP5.04 billion.

Advancers led decliners at 125 to 76, while 52 shares were unchanged.

“Philippine shares rose as investors bargain hunted for stocks that may have been the result of panic selling, while others such as PGOLD (Puregold) were bought up in anticipation of an uptick in demand,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Limlingan also underscored the “positive sentiment spillover from regional markets led by high-growth tech stocks as treasury yields retreated.”

“Oil prices can be seen to have steadied yesterday as hopes for the demand pick-up appeared to likely take place later this year, but prices remained pressured amid European lockdown,” he added.

Meanwhile, the peso sustained its sideways close against the US dollar and finished the day’s trade at 48.631 from 48.58 a day ago.

It opened the day at 48.56 and traded between 48.645 and 48.55.

Average level for the day stood at 48.606.

Volume of trade reached USD716.34 million, higher than the previous session’s USD634.8 million. (PNA)

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