MANILA – The Philippine Stock Exchange index (PSEi) experienced a notable rally on Tuesday, driven by a decline in oil prices.
The local bourse gained 40.07 points (0.64 percent), reaching 6,309.57, buoyed by the temporary truce between Israel and Hamas and the potential reduction in oil supply by OPEC+.
Philstocks Financial, Inc. Assistant Research Manager Claire Alviar highlighted the positive impact of lower oil prices on the country’s growth, particularly in the last quarter of the year.
“In addition, net foreign buying totaling PHP657.70 million contributed to the session’s positive momentum,” Alviar added.
The All Shares index also saw an increase of 10.48 points.
Most sectoral indices recorded gains, with Property leading by 90.30 points, followed by Holdings Firms, which rose by 31.34 points. Mining and Oil and Financial sectors also posted gains of 20.67 points and 0.53 points, respectively.
However, the Services and Industrial sectors experienced declines of 0.21 points and 118.13 points.
Trading volume reached 382.7 million shares with a total value of PHP5.3 billion. Losers outnumbered gainers at 106 to 79, while 39 shares remained unchanged.
Meanwhile, the peso closed at 55.4 against the US dollar, nearly unchanged from Friday’s closing of 55.38.
It opened the day at 55.435 and traded between 55.4 and 55.52, resulting in an average of 55.459.
The day’s trading volume increased to USD1.2 billion from Friday’s USD1.1 billion.
(ai/mnm)
