Manila: Bargain hunting lifted the Philippine Stock Exchange index (PSEi) Tuesday, and this benefited the peso. The main equities index rose 1.51 percent to 6,148.74 points, and the broader All Shares by 0.97 percent to 3,706.20 points. Majority of the sectoral indices also gained during the day, led by Financials after it rose 3.70 percent. It was trailed by Mining and Oil, 3.22 percent; Services, 1.29 percent; Holding Firms, 0.85 percent; and Industrial, 0.50 percent. Only the Property index closed on the red after it fell 0.44 percent. Volume reached 3.7 billion shares amounting to PHP6.5 billion. Advancers led decliners at 101 to 93, while 59 shares were unchanged.
According to Philippines News Agency, Luis Limlingan, Regina Capital Development Corporation head of sales, said ‘buyers took control of today’s session as bargain hunting persisted.’ He added, ‘However, firm catalysts are still needed to determine whether this marks the beginning of a true market recovery.’
Meanwhile, the local currency improved against the US dollar and closed the day at 56.91 from its 57.18 finish Monday. It opened the day sideways at 57.07, and traded between 57.16 and 56.9. The average level for the day stood at 57.05. Volume increased to USD1.95 billion from USD1.52 billion a day ago.