MANILA -- The Philippine Stock Exchange index (PSEi) improved for the second day in a row Tuesday on positive trade news overseas while the peso weakened after investors took gains from the unit’s recent rally.
The main equities index rose 0.81 percent, or 64.11 points, to 7,955.24 points.
BPI Research attributed the gains partly to the news that US and China are making positive strides on trade discussions, with the initial agreement seen to be signed during the APEC (Asia-Pacific Economic Cooperation) Summit in Chile in mid-November.
Another positive news is the increase in the Philippine government’s spending, which rose by 5.5 percent to PHP2.626 trillion as of end-September 2019.
This growth is way higher than the 0.94-percent rise in expenditures of PHP2.211 trillion by end-August 2019.
With these reports, positive sentiments boosted the local equities market and lifted most of the counters.
All Shares increased by 0.64 percent, or 30.36 points, to 4,784.11 points.
Mining and Oil jumped by 1.64 percent, the highest among the sectors for the day.
It was trailed by the Holding Firms, 1.31 percent; Financials, 0.90 percent; Property, 0.51 percent; and Services, 0.02 percent.
Only the Industrial index ended the day in the red after it fell 0.20 percent.
Volume reached 368.7 million shares amounting to a little over PHP6 billion.
Losers led gainers at 94 to 85, while 61 shares were unchanged.
On the other hand, the peso ended the day at 51.18 from 51.105 a day ago, which tracked the Chinese yuan.
BPI Research said investors also took profit after the four-day improvement of the local currency until Monday this week.
For the day, the peso opened at 51.07, an improvement from Monday's 51.23.
It traded between 51.245 and 51.05, resulting in an average of 51.152.
Volume reached USD1.4 billion, higher than the USD1.10 billion in the previous session.
It is projected to trade between 51.10 and 51.30 on Wednesday. (PNA)
