Local stocks rise, peso sideways at trading week’s start

By Joann Villanueva/PNA

MANILA — Rising hopes for a US-China trade agreement continue to boost sentiments and allowed the main equities gauge to finish Monday’s trading up but the peso closed sideways against the greenback as the trading week went off to a start.

Philippine Stocks Exchange index (PSEi) rose 0.44 percent, or 33.70 points to 7,675.47 points.

“Local stocks rebounded on improved market sentiment brought by positive trade news,” BPI Financial Markets Research said in a report.

Most of the counters tracked the main index, with the broader All Shares rising 0.40 percent, or 19.04 points, to 4,748.97 points.

Financials registered the highest increase at 1.09 percent and was followed by Property, 0.35 percent; Holding Firms, 0.32 percent; Industrial, 0.24 percent; and Services, 0.02 percent.

Only the Mining and Oil ended the day with loss after dropping 2.52 percent

Volume reached 1.02 billion shares amounting to PHP6.21 billion.

However, losers led gainers at 103 to 94 while 52 shares were unchanged.

Relatively, the peso ended the day’s trade at 51.72 to a US dollar from 51.7 Friday last week.

BPI attributed this to profit-taking after its recent rally.

For the day, the peso opened the trade at 51.765 from the previous session’s 51.86.

It traded between 51.84 and 51.68, resulting to an average of 51.761.

Volume for the day reached nearly USD1.1 billion from USD872.31 million at the end of last week.

Popular

Malacañang urges caution on calls to expel Chinese envoy

By Ruth Abbey Gita-Carlos | Philippine News Agency Malacañang on Wednesday acknowledged calls for action against Chinese Ambassador to the Philippines Jing Quan over his...

Malacañang: Armed group sheltering Sen. dela Rosa a threat to nat’l security

By Dean Aubrey Caratiquet After several months of manhunt operations, authorities said that they have already identified the whereabouts of Senator Ronald “Bato” dela Rosa,...

Malacañang presses probe into reported Atong Ang escape

By Darryl John Esguerra | Philippine News Agency Malacañang on Wednesday called for an investigation into possible lapses in law enforcement after Interior Secretary Jonvic...

PBBM, Japan reaffirm bilateral ties, regional cooperation

By Ruth Abbey Gita-Carlos | Philippine News Agency President Ferdinand R. Marcos Jr. and Japanese Prime Minister Sanae Takaichi on Tuesday reaffirmed their commitment to...