MANILA — Bargain hunting continued in the Philippine stock market Tuesday, lifting the main equities index while investors’ decision to unload dollar holdings resulted in the peso’s recovery.
PSEi gained 0.14 percent, or 12.48 points, to 8,722.70 points, which a trader pointed to continued bargain hunting as investors look for fresh leads following the holiday in the US.
The broader All Shares managed to post gains also after it rose 0.13 percent, or 6.59 points, to 5,129.79 points.
Most of the sectoral indices ended with gains, led by the Mining and Oil, 0.89 percent; and followed by Services, 0.58 percent; Property, 0.50 percent; and Holding Firms, 0.37 percent.
On the other hand, Financials lost 1.09 percent and Industrial, 0.02 percent.
Volume for the day reached 3.47 billion shares amounting to PHP7.8 billion.
Losers led gainers at 116 to 95 while 53 shares were unchanged.
The peso’s dip was stopped by investors’ decision to take advantage of the high spot level for the greenback, enabling the local unit to close at an improved level of 52.24 from Monday’s 52.34 finish.
It opened the day little changed at 52.28 from 52.30 a day ago and traded between 52.16 and 52.31, resulting in an average of 52.23.
Volume of trade reached USD977.8 million, down from USD1.025 billion a day ago.
The currency pair is seen to trade between 52.10 and 52.30 Wednesday. (Joann Villanueva/PNA)
