MANILA – The local main equities index on Tuesday recovered after a two-day slide while the peso ended the day little changed against the greenback as investors took note of various countries’ plans on how to reopen their economies.
The Philippine Stock Exchange index (PSEi) rose 2.28 percent, or 124.53 points, to 5,574.98 points.
All Shares followed with a 1.56 percent, or 52.03-point increase, to 3,394.75 points.
Most of the sectoral gauges also ended the day up, led by the Holding Firms, which rose 2.86 percent.
It was trailed by the Property, 2.66 percent; Industrial, 2.28 percent; Services, 1.48 percent; and Financials, 0.58 percent.
Only the Mining and Oil finished the day on the red after it fell 4.12 percent.
Volume totaled 728.2 million shares amounting to PHP4.6 billion.
Gainers led losers at 109 to 78, while 35 shares were unchanged.
“Local shares climbed as several countries and US states began to ease their coronavirus lockdown or outlined plans to moderate restrictions,” Regina Capital managing director Luis Limlingan said.
Investors have been slightly upbeat in recent days as most countries post lower numbers of new coronavirus disease 2019 (Covid-19) cases and officials start discussions on how to reopen the economies.
Limlingan, however, said the World Health Organization (WHO) has cited emerging cases in Latin America, Africa, and some Asian countries.
Meanwhile, the risk-on sentiment in Asia was traced partly to the Bank of Japan’s (BOJ) unlimited bond-buying plan as part of its stimulus program aimed to lift the economy from the impact of the global pandemic.
The peso ended the day at 50.67 to a US dollar, almost unchanged from its 50.695 close on Monday.
It opened the day sideways at 50.69 from 50.75 on Monday, trading between 50.66 and 50.725 and resulting in an average of 50.691.
Volume totaled USD368.53 million, higher than the USD213.82 million the previous day. (PNA)
