MANILA -- The Philippine Stock Exchange index (PSEi) recovered while the peso improved against the US dollar on Monday, as investors were partly appeased by global growth and trade concerns.
Regina Capital Managing Director Luis Limlingan attributed the local stocks’ performance on the first day of the week to expectations for more stimulus from central banks in major economies to address the impact of global trade and growth concerns.
“Stocks rallied, as a rebound in bond yields eased fears of a recession that sent stocks tumbling earlier in the week,” he said.
Citing news report, Limlingan said, “American support for free trade is on the rise and backing for (US President Donald) Trump is on the decline.”
The main stocks index finished the day up at 7,938.35 points, 1.83 percent or 142.37 points higher.
All Shares rose 1.18 percent, or 56.07 points, to 4,797.21 points.
Mining and Oil posted the highest increase among the sectors after it rose 2.72 percent.
It was followed by Financials, 2.50 percent; Industrial, 2.30 percent; Holding Firms, 1.49 percent; Services, 1.33 percent; and Property, 0.72 percent.
Volume reached 1.02 billion shares amounting to PHP7 billion.
Gainers led losers at 113 to 72, while 62 shares were unchanged.
Relatively, the peso finished the week’s first trading at 52.31 against the dollar after closing at 52.44 at the end of last week.
It opened the day at 52.35 from 52.55 in the previous session, trading between 52.4 and 52.27, and resulting in an average of 52.308.
Volume reached USD1.07 billion, less than the USD1.4 billion in the previous session.
The currency pair is seen to trade between 52.20 and 52.40 Tuesday. (PNA)
