By Joann Villanueva/PNA
MANILA — Investors’ expectations that the US-China trade talks this week will go a long way towards ending the trade war helped boost the Philippine Stock Exchange index (PSEi) rally Monday and the risk-on sentiment also benefited the peso.
PSEi ended the trade at 7,787.66 points, up 0.34 percent or 26.55 points.
Aside from the trade-related factor, a trader said expectations for the continued rise of Federal Reserve rates have been somewhat muted by Chairman Jerome Powell’s statement that the Fed will be patient on hiking rates.
With these developments, most of the counters in the local equities market ended the day up, with the broader All Shares higher by 0.42 percent, or 19.38 points, to 4,671.97 points.
Property led the sectors after it rose 1.61 percent and was followed by Industrial, 0.97 percent; Services, 0.81 percent; Holding Firms, 0.54 percent and Mining and Oil, 0.33 percent.
Financials, on the other hand, fell 1.31 percent.
Volume reached 1.34 billion shares amounting to PHP8.41 billion.
Gainers led losers at 126 to 82 while 38 shares were unchanged.
Relatively, the peso ended the day at 52.38 to the greenback from 52.51 last January 4.
A trader said risk-on sentiment continues to buoy the local currency.
The unit opened the day at 52.4 from 52.62-start in the previous session.
It traded between 52.445 and 52.315, resulting in an average of 52.358.
Volume reached USD822.45 million, higher than the USD684.95 million a day ago.
The peso is seen to trade between 52.30 and 52.50 to a dollar Tuesday.
