Stocks near 6,600-level; peso stays firm vs. greenback

Stocks near 6,600-level; peso stays firm vs. greenback

MANILA – The local main equities index gained anew Tuesday partly due to the deceleration of domestic inflation rate last month while the peso remained firm against the greenback.

The Philippine Stock Exchange index (PSEi) rose 1.46 percent, or 94.96 points, to 6,590.11 points.

All Shares increased by 1.41 percent, or 55.54 points, to 4,003.00 points.

All the sectoral indexes also gained during the day, led by the Holding Firms, which jumped by 2.005 percent.

It was followed by the Industrial index, 1.94 percent; Mining and Oil, 1.15 percent; Property, 0.90 percent; Services, 0.52 percent; and Financials, 0.26 percent.

Volume totaled 2.42 billion shares amounting to PHP5.85 billion.

Advancers led decliners at 159 to 61, while 39 shares were unchanged.

“Philippine shares soared close to the 6,600 level after another round of upbeat economic news from the services sector in the US and lower inflation gave optimism to many investors,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

For one, the domestic inflation rate slipped to 4.5 percent in the third month this year from the two-year high of 4.7 percent in the previous month.

The decline was attributed to slower inflation rate of food items due to favorable weather conditions that countered the faster inflation rate of the transport index on account of higher oil prices.

Meanwhile, the local currency ended the day at 48.57 against the US dollar from its 48.635 finish a day ago.

It opened the day at 48.58 and traded between 48.6 and 48.53. Average level for the day stood at 48.574.

Volume totaled to USD559.3 million, lower than the USD637.3 million in the previous session. (PNA)

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