MANILA -- Both the Philippine Stock Exchange index (PSEi) and the peso gained Tuesday due to investors' risk-aversion to overseas markets given lingering trade issues between US and China.
The main equities index rose 0.80 percent, or 61.42 points, to 7,721.56 points, which Regina Capital Managing Director Luis Limlingan linked to “the Huawei saga rolling through the tech sector and trade retaliation fears rising.”
This, after the US government blacklisted the China-based tech company, which effectively prevents US companies from doing business with it.
With investors turning their eyes on the Philippine stocks market, among others, all the counters ended with gains during the day.
All Shares rose 0.73 percent, or 34.74 points, to 4,782.14 points.
Industrial led the sectors after it went up by 2.51 percent. It was followed by the Mining and Oil, which increased by 1.07 percent, along with Holding Firms, 0.76 percent; Property, 0.50 percent; Financials, 0.48 percent; and Services, 0.12 percent.
Volume reached 750.24 million shares amounting to PHP5.41 billion.
Gainers led losers at 97 to 94 while 45 shares were unchanged.
Relatively, the peso ended the week’s second trading day at 52.475 from 52.59 a day ago.
It opened at 52.57, little changed from its previous day’s 52.6 start.
It traded between 52.61 and 52.47, resulting to an average of 52.551.
Volume reached USD1.1 billion, higher than its USD1.08 billion a day ago.
The currency pair is seen to trade between 52.40 and 52.60 Wednesday. (PNA)
