The Philippine Stock Exchange index (PSEi) partly recovered on Tuesday, supported by the recent strengthening of the peso, although the currency weakened during the day.
After ending Monday’s session in the red, the benchmark index rose 1.98 percent to 6,474.60 points, while the broader All Shares index gained 0.89 percent to 3,593.10 points.
All sectoral indices advanced, led by Services, which surged 4.40 percent. Financials followed with a 1.44 percent gain, alongside Holding Firms, 1.18 percent; Mining and Oil, 0.47 percent; Property, 0.44 percent; and Industrial, 0.29 percent.
Trading volume reached 754.25 million shares valued at PHP6.86 billion. Advancers outnumbered decliners, 110 to 90, while 63 issues were unchanged.
“The PSEi ended sharply higher, rebounding from yesterday’s decline as buying interest returned to the market. Sentiment was supported by the peso holding firm against the US dollar, which encouraged renewed foreign inflows during today’s session,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
He added that gains were broad-based as investors took advantage of lower prices amid improved currency stability.
Meanwhile, the peso weakened to 58.53 from Monday’s 58.45.
It opened stronger at 58.40 from 58.50 previously and traded between 58.38 and 58.53, averaging 58.48 for the day.
Foreign exchange volume rose to USD1.18 billion from USD1.08 billion in the previous session.*PNA
