MANILA – Bargain hunting led to positive close of all gauges in the local bourse on Tuesday while the peso kept its footing against the US dollar.
The Philippine Stock Exchange index (PSEi) gained 1.63 percent, or 118.49 points, to 7,401.16 points.
All Shares jumped by 1.51 percent, or 58.69 points, to 3,937.64 points.
Services led the sectoral gauges after it increased by 2.32 percent.
It was followed by the Financials, 2.27 percent; Mining and Oil, 2.11 percent; Holding Firms, 1.90 percent; Property, 0.98 percent; and Industrial, 0.82 percent.
Volume reached 1.55 billion shares amounting to PHP9.28 billion.
Advancers led decliners at 133 to 56, while 53 shares were unchanged.
“Investors in Philippine stocks switched to bargain hunting after the POTUS (President of the United States) announced that he will re-nominate current Fed(eral) chair Jerome Powell for a second term,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Meanwhile, the peso remained firm against the greenback after it finished the day at 50.59 from 50.65 on Monday.
It opened the trade at 50.7, weaker than its 50.53 start in the previous session.
It ranged between 50.765 and 50.58, resulting in an average of 50.677.
Volume totaled USD1.24 billion, lower than the previous day’s USD1.40 billion. (PNA)
