HUNT FOR BARGAINS. The Philippine equities index recovers on Tuesday (Aug. 2, 2022) on bargain hunting and positive earnings report in Wall Street. However, the local currency weakened against the greenback. (PNA file photo)

MANILA – The main equities index recovered on Tuesday on bargain hunting after sliding for several days but the peso weakened against the US dollar. 
 
The Philippine Stock Exchange index (PSEi) improved by 0.80 percent, or 50.27 points, to 6,362.30 points. 
 
All Shares followed with a jump of 0.55 percent, or 18.67 points, to 3,411.59 points. 
 
Most of the sectoral indices also gained during the day, namely Mining and Oil, 2.72 percent; Services, 2.31 percent; Property, 0.99 percent; Industrial, 0.77 percent; and Financials, 0.38 percent. 
 
Only the Holding Firms index ended flat with a decline of 0.03 percent. 
 
Volume is still thin at 528.35 million shares amounting to PHP5.9 billion. 
 
Decliners led advancers at 84 to 80, while 61 shares were unchanged. 
 
“Philippine shares were bought with more strong 2Q (second quarter) earnings being released and ahead of the CPI (consumer price index) print on Friday,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 
 
Limlingan said “weak manufacturing data from China and Europe weighed on demand outlook while investors braced for this week’s meeting of officials from OPEC (Organization of the Petroleum Exporting Countries) and other top crude producers on supply.” 
 
He said Brent crude futures slipped by 3.79 percent to USD100.03 per barrel and US’ West Texas Intermediate (WTI) fell 4.8 percent to USD93.89 per barrel. 
 
Meanwhile, the local currency depreciated against the greenback and finished the day at 55.435 from 55.31 close on Monday. 
 
It opened the day at 55.3 and traded between 55.45 and 55.3. 
 
The average level for the day stood at 55.393. 
 
Volume declined to USD777.17 million from the previous day’s USD1.05 billion. (PNA)