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MANILA – The stock barometer and local currency closed Tuesday's trading with gains as the market anticipated lower inflation rate in July.
The Philippine Stock Exchange index (PSEi) increased by 2.33 points. However, it failed to return to the 6,600-mark as it finished at 6,593.80.
All shares, on the other hand, slipped at 3,515.95, down by 0.72 points.
Philstocks Financials Inc. research associate Claire Alviar said the slight improvement in the local bourse following three trading days of decline was "fueled by positive cues from Wall Street and the anticipation of a slower inflation at home".
Four sectors closed in the green led by the Mining and Oil, whose stocks climbed by 116.42 points to 10,480.73. This was followed by Industrial, up by 58.41 points; Holding Firms, 14.88 points; and Property, 8.60 points.
Losers include Services, down by 28.52 points, and Financials, down by 3.71 points.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said net foreign selling at the local bourse declined by USD2.7 million from a gain of USD270 million on Monday.
Decliners outnumbered gainers at 97 to 75, while 53 firms left unchanged.
Meanwhile, the peso gained by 0.11 ending the day 54.77 to a dollar from the previous day's closing of 54.88.
It opened the day sideways at 54.85 from last day's start of 54.89 to the greenback.
The currency pair traded from a low of 54.65 to a high of 54.85, bringing the average level at 54.75.
Volume of trade amounted to USD972.5 million, lower than the previous day's volume of USD1.03 billion. (PNA)
