Manila: Bargain hunting lifted the Philippine Stock Exchange index (PSEi) on Monday, and the peso appreciated against the US dollar. The main stocks gauge rose 3.49 percent to 5,779.12 points, and the broader All Shares by 0.63 percent to 3,280.80 points. Most of the sectoral indices gained during the day, led by Financials after it rose 4.73 percent. It was followed by Property after it increased 4.15 percent; Services, 2.97 percent; Holding Firms, 2.07 percent; and Industrial, 1.80 percent. Only the Mining and Oil index finished in the negative territory after it fell 0.30 percent. Volume reached 1.12 billion shares, amounting to PHP6.76 billion. Advancers led decliners at 115 to 74, while 59 shares were unchanged.

According to Philippines News Agency, Luis Limlingan, Regina Capital Development Corporation head of sales, stated that the main index rose ‘as the market took advantage of last Friday’s steep decline to buy stocks at a bargain.’ He noted that there is still no prevailing catalyst to drive long-term market momentum, as uncertainty remains regarding the country’s economic growth. This positive turnout was mirrored by the Philippine peso after it improved to 58.93 from 59.06 last Friday. It opened the day at 59.05, weaker than 58.95 start in the previous session. The local currency traded between 58.91 and 59.05, bringing the average for the day at 59.08. Volume reached USD1.32 billion, down from USD1.84 billion in the previous session.