Peso nearly flat as stocks gauge up on US infra plan

Peso nearly flat as stocks gauge up on US infra plan

MANILA – The local stock barometer closed on a positive note Monday, benefiting the local currency.

The Philippine Stock Exchange index (PSEi) inched up by 0.81 percent, or 52.06 points, to 6,495.15 points.

All Shares increased by 0.59 percent, or 23.17 points, to 3,947.46 points.

Most of the sectoral gauges also finished the day with gains, led by the Holding Firms index after it jumped by 1.52 percent.

Industrial index rose by 1.31 percent; Services, 0.82 percent; Financials, 0.54 percent; and Mining and Oil, 0.10 percent.

Only the Property index shed during the day after it fell 0.29 percent.

Volume reached 1.85 billion shares amounting to PHP5.36 billion.

Gainers led losers at 117 to 85, while 48 shares were unchanged.

“Local shares inched higher following the solid infrastructure plan rolled out by (US) President Joe Biden and with investors making several bets for the month ahead,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Positive sentiments were also boosted by reports about the third consecutive positive turnout for the country’s Purchasing Managers index (PM) to 52.2 based on the report of the IHS Markit.

An index of above 50 indicates expansion while figures below 50 shows otherwise.

Oil prices in the international market also rose after the gradual curbing of production cuts in May, as discussed by OPEC+ last week, he said.

Brent crude oil futures increased by 3.8 percent or about USD2.38 per barrel to end at around USD65.08 per barrel while US West Texas Intermediate futures inched up by over 4 percent to USD62.63 per barrel, he added.

Meanwhile, the peso ended the week’s first trading day at 48.49, sideways compared to its 48.53 close last Wednesday.

There were no trading last Maundy Thursday and Good Friday, which were officially declared as holidays.

The local currency opened the day at 48.55 and traded between 48.64 and 48.488.

Average level for the day stood at 48.556.

Volume totaled USD637.3 million, lower than the previous session’s USD933.19 million (PNA)

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