MANILA – Bargain hunting lifted the local bourse on Tuesday but the peso ended the day weaker against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 2.35 percent, or 149.97 points, to 6,522.58 points.
All Shares jumped by 1.88 percent, or 74.60 points, to 4,039.75 points.
All the sectoral counters also finished with gains, led by the Property index after it rose by 3.94 percent.
It was followed by the Mining and Oil, 3.31 percent; Services, 2.43 percent; Financials, 1.94 percent; Holding Firms, 1.75 percent; and Industrial, 1.46 percent.
Volume totaled 1.17 billion shares amounting to PHP4.3 billion.
Advancers led decliners at 155 to 43, while 29 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, said the local equities market “hit oversold territory amid the start of earnings season and the Federal Reserve policy meeting.”
“All eyes will be on how the 2Q (second quarter) affected local companies but for now, the Federal Reserve meeting will also come into focus,” he said.
Limlingan is partly referring to the impact of the two-week enhanced community quarantine (ECQ) that started last March 29 and the modified enhanced community quarantine (ECQ) in the succeeding four weeks, both of which were implemented after local coronavirus disease 2019 (Covid-10) infections posted another record-high.
Meanwhile, the peso depreciated to 50.42 against the US dollar from the previous day’s 50.35 finish.
It opened the day at 50.27 and traded between 50.425 and 50.265.
The average level for the day stood at 50.338.
Volume declined to USD842.13 million from day-ago’s USD944.37 million. (PNA)
