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PSEi, peso close sideways

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Both local equities and currency moved sideways on Tuesday trading.

The benchmark Philippine Stock Exchange index (PSEi) slightly improved by 0.02 percent, or 1.46 points, closing at 6,305.99 level, and the broader all shares increased by 6.50 points to 3,405.62.

Philstocks Financial, Inc. Assistant Research Manager Claire Alviar said last-minute bargain hunting saved the local bourse from going back to the green territory after shedding shares the previous day.

Moreover, the improvement of the Philippines’ September Global Manufacturing PMI (Purchasing Managers Index) to 50.6 boosted the sentiment at home.

Sector performances were mixed on Tuesday, with gainers including Mining and Oil, Industrial, and Services.

Shares of Mining and Oil surged by 343.28 points, breaching the 11,000-mark.

Losers for the day were Holding Firms, Financials, and Property.

“The net market value turnover was at PHP5.87 billion, stronger than last month’s average of P4.76 billion,” she added.

Losers outnumbered gainers at 103 to 94, with shares of 50 listed firms left unchanged.

Meanwhile, the Philippine peso was flat at 56.78 to a dollar from a close of 56.775 on Monday.

The peso opened the day weak at 56.83 from last day’s kick-off at 56.70.

The currency pair traded between 56.78 and 56.93, bringing the average level at 56.88 to the greenback.

The volume of trade declined to USD932.2 million from Monday’s volume of USD1.15 billion.*PNA

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