MANILA – Philippines’ main stocks gauge recovered Tuesday while the peso ended the day sideways to a US dollar partly on the government’s report about lower inflation rate last April and the sustained recovery of oil prices.
The Philippine Stock Exchange index (PSEi) rose by 1.79 percent, or 99.58 points, to 5,671.67 points.
All Shares followed with a jump of 1.14 percent, or 38.68 points, to 3,424.98 points.
Most of the sectoral indices also finished the day with gains, led by the Holding Firms, which increased by 3.29 percent.
It was trailed by the Industrial, 2.11 percent; Property, 1.36 percent; Financials, 0.30 percent; and Mining and Oil, 0.05 percent.
Only the Services index ended the day in the red after it fell by 0.09 percent.
Volume totaled to 619.49 million shares amounting to PHP6.43 billion.
Advancers led decliners at 118 to 74, while 38 shares were unchanged.
Domestic inflation rate slowed to its five-month low of 2.2 percent last April from month-ago’s 2.5 percent, bringing the year-to-date figure to 2.6 percent, due to slower annual rate of the transport index.
Regina Capital Development Corporation Head of Sales Luis Limlingan said the local bourse’s performance during the day is in line with the close of some of its counterparts overseas as “signs of a rebound in oil, tech, and utilities led the rally.”
He said prices of oil in the international market increased to over USD21 per barrel for the fourth consecutive day “as US stockpile increases slowed.”
“Many analysts have pointed out that the onslaught of the pandemic may have started to bottom out,” he added.
The local currency ended the day at 50.52 to the greenback from 50.595 a day ago.
It opened the day at 50.61, also sideways from its 50.55 start in the previous day.
It traded between 50.61 and 50.49, resulting in an average of 50.544.
Volume totaled to USD558.66 million, higher than the USD349.35 million last Monday. (PNA)
