Peso, stocks up on risk on sentiments

Risk on sentiments continue to buoy the peso and the local stocks despite the anxiety over the novel coronavirus (2019 nCoV).

The local currency ended the day's trade at 50.695 from 50.78 on Monday.

A trader attributed the day's gain to broadly positive risk sentiment not just here but also overseas.

The gain is not as big as in the past days, which the trader said may likely be considered by investors as a sign that the outbreak is being addressed.

The peso opened the day's trade at 50.75, an improvement from its 50.85 start in the previous day.

It traded between 50.665 and 50.75, resulting in an average of 50.7.

Volume totaled to USD662.5 million, higher than the USD581.4 million Monday.

The currency pair is seen to trade between 50.60 and 50.90 on Wednesday.

The Philippine Stock Exchange index (PSEi) gained 0.12 percent, or 8.54 points, to 7,439.40 points.

All Shares rose 0.16 percent, or 6.84 points, to 4,390.05 points.

Mining and Oil registered the highest increase among the sectors with a jump of 1.18 percent. This was followed by the Property, 0.31 percent; Financials, 0.29 percent; Industrial, 0.24 percent; and Holding Firms, 0.05 percent.

Only the services index ended in the red after it fell 0.52 percent.

Volume totaled to 1.3 billion shares amounting to PHP4.48 billion.

Gainers surpassed losers at 91 to 89, while 55 shares were unchanged.

Regina Capital Managing Director Luis Limlingan attributed the rise in the main equities index to mostly solid U.S fourth quarter corporate earnings and looked beyond concerns about the coronavirus outbreak's potential disruption to global supply chains.

Citing reports, Limlingan said infected cases are now at 42,381, with deaths at 1,012 in China alone. The mortality rate was estimated at one percent.

Source: Philippines News Agency

Related posts