MANILA – Local shares slightly increased in trading session Tuesday but still failed to return to the 6,400-mark, while the peso closed sideways.
Benchmark Philippine Stock Exchange index (PSEi) gained 6.72 points to 6,335.91, with all shares up by 2.98 points to 3,400.87.
“The market was marginally higher amidst cautious bargain hunting after China announced a surprise cut to a key policy rate in an attempt to boost its flagging economy,” China Bank Capital Corp. managing director Juan Paolo Colet said.
Four out of six sectors recorded gains, including Property, 15.65 points; Services, 15.40 points; Financials, 4.77 points; and Holding Firms, 0.41 points.
The day’s losers include Mining and Oil as well as Industrial, with shares plummeting by 122.89 and 110.49 points, respectively.
“The index remains on shaky ground as many investors are worried about disappointing macroeconomic data from China and rising US yields. Immediate support is seen at 6,300 and resistance in the 6,400 area,” Colet added.
Meanwhile, the peso finished sideways at 56.84 to a US dollar.
It shed by 0.06 from last day’s closing of 56.78 to the greenback.
The local currency opened weak at 56.65 from previous day’s start of 56.45.
The currency pair traded between 56.60 and 56.87.
Volume of trade reached USD1.09 billion, lower than Monday’s volume of USD1.41 billion. (PNA)