Stocks rise; peso ends sideways vs. USD

The main equities index rose for the second consecutive session Tuesday while the peso ended the day sideways against the greenback.

The Philippine Stock Exchange index (PSEi) gained 1.55 percent, or 93.45 points, to 6,112.71 points.

All Shares rose by 1.11 percent, or 40.23 points, to 3,681.26 points.

Most of the sectoral gauges tracked the main index, led by Financials after it jumped by 1.99 percent.

Property followed after it inched up by 1.93 percent along with the Industrial, 1.88 percent; Holding Firms, 1.36 percent; and Services, 0.21 percent.

Only Mining and Oil ended the day in the red after it fell by 4.60 percent.

Volume totaled 2.24 billion shares amounting to PHP8.23 billion.

Gainers led losers at 112 to 98, while 46 shares were unchanged.

“Local shares continued to climb ahead of a key deadline set by (US) House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while Covid-19 cases rose,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Pelosi has given Democrats and Republicans until Tuesday this week to agree on a second stimulus package, weeks before the Nov. 3 presidential elections.

Federal Reserve Vice Chairman Richard Clarida echoed calls for additional government aid to help the economy because of uncertainties on the recovery.

Meanwhile, even with worries on US lawmakers’ decision on the stimulus package lingers, the peso remains firm after ending the day at 48.62 against the US dollar from its 48.6 close a day ago.

It opened the day at 48.54, better than its 48.62 start in the previous session.

It traded between 48.63 and 48.52, resulting in an average of 48.578.

Volume totaled to USD869.33 million, higher than the previous session’s USD508.41 million. (PNA)

Source: Philippine News Agency

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