MANILA -- The Philippine Stock Exchange index (PSEi) rose for the second consecutive day Tuesday while the peso ended almost flat on investors’ wait-and-see stance on the next Federal Reserve move.
The main equities index gained 0.56 percent, or 44.66 points, to 7,991.19 points.
Regina Capital Managing Director Luis Limlingan attributed the increase to “rising optimism for a trade deal with China combined with solid earnings here, as well as abroad, and bets the Federal Reserve will cut rates.”
Some economists forecast another cut in the Fed rates when US monetary officials meet during their policy meeting next month, as growth concerns in the US continue to linger.
Despite investors staying on the sidelines, the local bourse was generally up, with All Shares index rising by 0.27 percent, or 12.92 points, to 4,787.17 points.
Most of the sectors ended with gains, led by Mining and Oil with a rise of 1.57 percent.
Property rose by 0.96 percent; Holding Firms, 0.62 percent; Industrial, 0.39 percent; and Financials, 0.28 percent.
Services ended with a 0.01-percent contraction.
Volume totaled 709.44 million shares amounting to PHP6.63 billion.
Advancers led decliners at 97 to 81, while 56 shares were unchanged.
The peso ended the day at 51.09 from the 51.08 close the previous day.
It opened the trade at 51.08, sideways from its 51.15 start in the previous session, and traded between 51.105 and 50.98, resulting in an average of 51.044.
Volume reached USD1.035 billion, way higher than the USD665.3 million.
The currency pair is seen to trade between 51.00 and 51.30 on Wednesday. (PNA)
