MANILA – Both the local stock market and the currency closed Tuesday strong on growing overseas Filipino remittances and the record-high investment approvals at the Board of Investments (BOI).
The bellwether Philippine Stock Exchange index (PSEi) rose 1 percent to 7,175.36, with All Shares also up by 0.79 percent to 3,850.17 level.
Majority of sectoral indices finished with gains, except for Services, which declined by 0.76 percent.
Holding Firms gained the most improvement, up by 1.85 percent; followed by Property, up by 1.48 percent; Industrial, up by 1.39 percent; Mining and Oil, up by 1.23 percent; and Financials, up by 0.77 percent.
“Investors showed appreciation to the July OFW cash remittance data and the Board of Investments’ approved investment pledges as of September 16, both of which have shown good figures,” Philstocks Financial research manager Japhet Tantiangco said.
“Hopes of a dovish monetary policy outlook for both the Federal Reserve and the Bangko Sentral ng Pilipinas also helped in keeping the market’s upward movement,” he added.
Net value turnover for the day reached PHP6.28 billion, higher than the year-to-date average of PHP5.03 billion.
“Foreigners were still net buyers with net inflows amounting to PHP806.45 million,” Tantiangco said.
Meanwhile, the Philippine peso continued to gain strength closing at 55.70 to the US dollar from its last day’s finish of 55.89 to a dollar.
The peso kicked off the day at 55.78 from the previous day’s start at 55.94 to the greenback.
The exchange rate between the two currencies ranged from 55.66 to 55.84, leaving the average level for the day at 55.76 to a dollar.
Trade volume slightly increased to USD1.26 billion from USD1.2 billion on Monday. (PNA)
