Stocks recover, peso ends sideways at 57-level

Stocks recover, peso ends sideways at 57-level

MANILA — Local shares recovered on Tuesday but the peso moved sideways closing at the 57-level against the US dollar, the third consecutive day of depreciation.

The Philippine Stock Exchange index (PSEi) gained 0.26 percent or 9.24 points, to 3,550.95 points.

However, All Shares declined by 0.17 percent, or 2.79 points, to 1,627.28 points.

Most of the sectoral indices tracked the main index, led by Mining and Oil after it jumped by 2.49 percent.

it was trailed by Property, 1.22 percent; Holding Firms, 0.90 percent; and Services, 0.51 percent.

On the other hand, Industrial fell by 0.44 percent and Financials by 0.17 percent.

Volume was thin at 562.76 million shares amounting to PHP4.69 billion.

Meanwhile, the peso closed the day at 57.00, a new all-time low, from 56.999 on Monday.

It opened the day at 56.888, little changed from its 56.85 a day ago.

It traded between 57.00 and 56.86, resulting in an average of 56.95.

Volume declined to USD812.19 million from the previous session’s USD976.45 million.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the peso closed sideways due to the lower-than-expected inflation rate last August, which the Philippine Statistics Authority (PSA) reported on Tuesday decelerated to 6.3 percent from 6.4 percent in the previous month.

He said cuts in the prices of domestic fuel prices during the day also supported the local currency.

For Wednesday, the local currency is expected to trade between 56.85-57.05 to a US dollar. (PNA)

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