MANILA – Anticipation for the reopening of the United States markets following the Martin Luther King Jr. Day boosted the local bourse on Tuesday but the peso weakened against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 1.66 percent, or 120.13 points, to 7,343.96 points
All Shares followed with a jump of 0.97 percent, or 37.16 points, to 3,882.40 points.
Most of the sectoral indexes also gained during the day with the Holding Firms rising by 1.86 percent; Services, 1.83 percent; Financials, 1.40 percent; Property, 1.33 percent; and Industrial, 0.68 percent.
Only the Mining and Oil index finished the day in the negative territory after it fell 0.67 percent.
Total volume was thin at 850.25 million shares amounting to PHP4.95 billion.
Advancers surpassed decliners at 100 to 85, while 56 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said US stocks futures registered little movement Monday night “as traders braced for the latest batch of corporate earnings reports” and following the holiday in the US.
He also cited reports about the 4-percent growth of the Chinese economy in the fourth quarter of 2021, higher than expectations of around 3.3 percent year-on-year growth, as well as the People’s Bank of China’s (PBOC) decision to slash policy interest rates by 10 basis points.
Meanwhile, the peso depreciated against the US dollar after it closed the day’s trade at 51.48 from 51.25 a day ago.
It opened the day at 51.2 and traded between 51.48 and 51.2.
Average level stood at 51.32.
Volume rose to USD841.6 million from USD820.9 million in the previous session. (PNA)
