RETURNED TO PH MARKET. Investors troop back to the local bourse, boosting not only the main index but the peso as well. An analyst said reports saying Apple would slow hiring and spending next year due to possible economic slowdown affected sentiments.
MANILA – The recovery of the main stocks index continued Tuesday, defying counterparts in the region, and it was mirrored by the local currency.
The Philippine Stock Exchange index (PSEi) gained 0.28 percent, or 17.46 points, to 6,286.24 points.
All Shares rose by 0.34 percent, or 11.30 points, to 3,381.36 points.
Most of the sectoral indices tracked the main gauge, led by Mining and Oil, which rose 2.55 percent.
It was trailed by the Services, 1.38 percent; Holding Firms, 1.04 percent; Industrial, 0.38 percent; and Property, 0.25 percent.
Only the Financials index shed during the day after it fell 1.56 percent.
Volume reached 1.07 billion shares amounting to PHP3.8 billion.
Advancers surpassed decliners at 99 to 77, while 51 shares were unchanged.
“Investors returned to the Philippine market after the US fell late in the trading session, dragged by a Bloomberg report stating that Apple would slow hiring and spending on growth next year to prepare for a potential economic slowdown,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan said sentiments were also affected by the release of the US’ national housing market index, which slipped 12 points, to 55 -- the lowest since the pandemic started.
Meanwhile, the peso gained anew against the US dollar and finished the day at 56.255 from 56.35 on Monday.
It started the day at 56.35 and traded between 56.37 and 56.25.
The average level for the day stood at 56.335.
Volume rose to USD663.05 million from the previous session’s USD561.75 million. (PNA)
