MANILA – The Philippine Stock Exchange index (PSEi) recovered on Tuesday from two straight trading days of healthy profit taking.
The PSEi closed 1.48 percent higher at 7,380.32 level, with All Shares increasing by 1.14 percent to 3,963.36 points.
All counters closed in the green territory led by Property, with shares up by 2.36 percent, followed by Holding Firms, 1.75 percent; Financials, 1.44 percent; Services, 0.93 percent; Industrial, 0.68 percent; and Mining and Oil, 0.60 percent.
“The positive spillovers from Wall Street amid the rate cut cues from Fed Chair Jerome Powell helped the market in its rise today. Expectations that inflation last September has further slowed down also contributed to today's rally,” Philstock Financials, Inc. research manager Japhet Tantiangco said.
“Finally, investors appreciated the possibility of reserve requirement ratios being brought down to 0 percent within BSP (Bangko Sentral ng Pilipinas) Governor Eli Remolona’s term."
Winners led losers at 124 to 73, leaving 60 counters unchanged.
Meanwhile, the peso closed weak at 56.15 to the US dollar from a 56.03 finish on Monday.
It opened the day at 56.20 from a 56.03 kick-off the previous day.
The currency pair traded between 56.09 and 56.32, bringing the average level for the day at 56.21 to the dollar.
Volume of trade surged to USD2.22 billion from USD1.3 billion on Monday. (PNA)
