MANILA – The Philippine Stock Exchange index (PSEi) ended its two-day slide Tuesday on a last-minute buying spree while the peso continued to remain firm against the US dollar.
The main equities index rose by 0.63 percent, or 40.66 points, to 6,500.42 points.
All Shares followed with a jump of 0.50 percent, or 19.81 points, to 3,988.83 points.
Mining and Oil index posted the highest increase among the sectoral indexes after it rose by 2.18 percent and was trailed by the Industrial, 1.65 percent; Property, 0.65 percent; Financials, 0.50 percent; Holding Firms, 0.25 percent; and Services, 0.23 percent.
Volume totaled 5.84 billion shares amounting to PHP5.52 billion.
Advancers led decliners at 106 to 84, while 56 shares were unchanged.
“Philippine shares were bought up towards closing as sentiment from Wall Street investors spilled over -- funds found few reasons to drive equity benchmarks further into record territory after the major benchmarks ended last week at all-time highs,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
He also cited the negative developments for Bitcoin over the weekend after it posted a record-high USD64,841 Wednesday last week.
“Nonetheless, market consensus is that regional equities will be seeing clear skies in the future, as there are no major negative catalysts expected,” he said, adding the accelerating pace of coronavirus disease (Covid-19) vaccination in the US.
Meanwhile, the peso ended the day sideways against the US dollar at 48.32 from 48.35 a day ago.
It opened the day’s trade at 48.33 and traded between 48.34 and 48.27.
Average level for the day stood at 48.302.
Volume totaled USD684.6 million, lower than the previous session’s USD784.3 million. (PNA)
