MANILA – The Philippine Stock Exchange index (PSEi) recovered on Tuesday but the peso weakened against the US dollar.
The local stock barometer rose by 1.06 percent, or 77.93 points, to 7,458.23 points.
All Shares followed with a jump of 0.76 percent, or 29.57 points, to 3,929.18 points.
Most of the sectoral indices also gained during the day with Holding Firms rising by 1.52 percent; Services, 1.43 percent; Industrial, 1.09 percent; Mining and Oil, 1.02 percent; and Property, 0.59 percent.
Only Financial moved sideways after it fell 0.08 percent.
Volume reached 1.07 billion shares amounting to PHP6.99 billion.
Advancers led decliners at 116 to 77, while 51 shares were unchanged.
“Philippine shares were bought as investors stayed away from overseas markets, and bought into index names ahead of the MSCI (Morgan Stanley Capital International) rebalancing and 4Q (fourth quarter) earnings,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan said, “US equities whipsawed between gains and losses before retreating in the final hour ahead of the January CPI (consumer price index) report on Thursday and on the back of the renewed tech sell-off.”
He said oil prices in the international market also declined on Monday “on encouraging signs of progress in the US-Iran talk, leading to the possible removal of US sanctions on Iranian oil sales.”
Amid the mostly optimistic turnout in the local bourse, the peso depreciated against the greenback and finished the day at 51.5 from its 51.37 close a day ago.
It opened the day at 51.4 and traded between 51.5 and 51.38.
The average level for the day stood at 51.436.
Volume reached a little over USD1 billion from USD959.3 million. (PNA)
