MANILA – News about global efforts to address the impact of coronavirus disease 2019 (Covid-19) lifted investors sentiment and benefited Philippines’ main stocks gauge Tuesday, but the peso ended the day sideways against the greenback.
After two days of decline, the Philippine Stock Exchange index (PSEi) rose by 0.61 percent, or 41.26 points, to 6,790.54 points.
All Shares followed with a jump of 0.46 percent, or 18.56 points, to 4,062.25 points.
It was, however, a mix among the sectors but most of the indices gained during the day.
Financials increased by 1.43 percent, Holding Firms by 0.75 percent, Property by 0.50 percent, and Mining and Oil by 0.26 percent.
On the other hand, Industrial declined by 0.46 percent and Services by 0.03 percent.
Volume was thin at 674.7 million shares amounting to PHP5.83 billion.
“Local and regional (bourses) recovered as the G-7 leaders are planning on leading a global teleconference tonight to discuss actions against the coronavirus outbreak,” Regina Capital managing director Luis Limlingan said.
He also cited a projection by the Organization for Economic Co-operation and Development (OECD) about the possible contraction of global growth to levels not seen in over a decade as a result of the epidemic.
OECD slashed its 2020 global growth forecast from 2.9 percent to 2.4 percent, the weakest since 2009.
With these developments, the peso ended the day at 50.69 to a US dollar from 50.63 Tuesday.
It opened the day better at 50.65 compared to its 51.02 start in the previous session.
It traded between 50.78 and 50.55, resulting in an average of 50.686.
Volume totaled to USD1.24 billion, lower than the USD1.47 billion in the previous session.
A trader forecast the peso to trade between 50.60 and 50.80 on Wednesday. (PNA)
