MANILA – Bargain hunting lifted all counters in the local bourse on Tuesday amid rising commodity prices and interest rates, but the peso depreciated against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 0.60 percent, or 41.63 points, to 7,037.74 points.
All Shares jumped by 0.51 percent, or 18.96 points, to 3,742.92 points.
Mining and Oil led the sectoral indices with an increase of 2.09 percent and was trailed by Services, 1.37 percent; Industrial, 0.83 percent; Financials, 0.56 percent; Holding Firms, 0.40 percent; and Property, 0.05 percent.
Volume reached 988.95 million amounting to PHP5.2 billion.
Advancers led decliners at 102 to 83, while 46 shares were unchanged.
“Philippine shares were bought up as investors continued to keep an eye on surging rates and commodities,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan said US’ 10-year Treasury yield posted its highest since 2018 and even hit 2.884 percent.
Meanwhile, the local currency weakened further against the US dollar after finishing the day at 52.46 from 52.27 a day ago.
Its depreciation showed early on when it opened the day at 52.35 compared to the previous session’s 52.15.
It traded between 52.48 and 52.31, resulting in an average of 52.38.
Volume declined to USD1.09 billion from Monday’s USD1.14 billion. (PNA)