Stocks recover on bargain hunting; peso ends sideways

Bargain hunting lifted the Philippine Stock Exchange index (PSEi) on Tuesday while the peso finished the day sideways against the US dollar.

The main stocks index inched up by 0.49 percent, or 35.57 points, to 7,288.21 points.

All Shares also rose by 0.44 percent, or 16.97 points, to 3,864.48 points.

Most of the sectoral indexes also gained during the day with the Industrial index rising by 1.02 percent; Services, 0.73 percent; Property, 0.63 percent; and Holding Firms, 0.31 percent.

On the other hand, Mining and Oil dropped by 0.98 percent and Financials by 0.02 percent.

Volume reached 1.26 billion shares amounting to PHP6.3 billion.

Decliners led advancers at 96 to 82, while 52 shares were unchanged.

“Philippine shares were bought up as investors started to make bets ahead of Q4 GDP (fourth quarter gross domestic product) and the possible reversion back to Alert Level 2 status,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

The Philippine Statistics Authority (PSA) is scheduled to report the domestic economy’s fourth quarter 2021 performance on Thursday.

Reports from the Department of Health (DOH) indicated a decline in coronavirus disease 2019 (Covid-19) infections in the National Capital Region (NCR), which may pave the way to ease movement restrictions from the current Alert Level 3 by February, Limlingan said.

Meanwhile, the local currency finished the day at 51.26 from 51.29 a day ago.

It opened the session at 51.35 and traded between 51.4 and 51.2.

The average level for the day stood at 51.313.

Volume rose to USD1.04 billion from Monday’s USD827.5 million.

Source: Philippines News Agency

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