MANILA – The Philippine Stock Exchange index (PSEi) recovered Tuesday after a two-day slide but the peso weakened as investors weighed developments in the US, especially on the stimulus spending.
The main equities index rose by 1.22 percent, or 84.85 points, to 7,044.06 points.
All the other counters tracked the main gauge, with the All Shares rising by 0.98 percent, or 41.18 points, to 4,248.84 points.
Property index led the sectors with a jump of 1.72 percent and was followed by the Holding Firms, 1.45 percent; Industrial, 0.87 percent; Financials, 0.59 percent; Services, 0.19 percent, and Mining and Oil, 0.04 percent.
Volume totaled 21.86 billion shares amounting to PHP18.16 billion.
Gainers led losers at 122 to 89, while 54 shares were unchanged.
“Philippine shares closed stronger as future contracts sustained its strong upward momentum,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
He added that investors’ sentiment was also driven by the impact of the stimulus spending “that would further boost the world’s largest economy from a slump caused by the pandemic.”
Meanwhile, the peso weakened to the 48-level against the US dollar after closing the trade at 48.25 from its new four-year low of 47.93 a day ago.
An analyst attributed the peso’s weakening to optimism for the US dollar on hopes for the stimulus spending in the US.
It opened the day at 47.95, and traded between 47.935 and 48.25.
Average level for the day stood at 48.054.
Volume totaled USD1.039 billion, lower than the previous day’s USD1.512 billion. (PNA)
