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MANILA – Local shares rebounded to 6,200-mark on Tuesday's trading while the peso depreciated.
The Philippine Stock Exchange index (PSEi) closed at 6,225.00, gaining 64.39 points, while all shares also rose by 22.22 points to 3,354.62.
Philstocks Financial Inc. research associate Claire Alviar said last-minute bargain-hunting lifted the local bourse's trading.
"Investors took the opportunity to buy around 6,150 support areas, following the sharp decline last week. Moreover, positive cues from Wall Street overnight helped lift the sentiment in Asia, including in the Philippines," Alviar said.
All sectors ended in the positive territory, with biggest gains coming from Mining and Oil sector as shares increased by 118.46 points.
This was followed by Industrial, up by 50.69 points; Property, 38.55 points; Services, 22.90 points; Holding Firms, 21.82 points; and Financials, 18.27 points.
"Despite the market’s rally, foreign investors were net sellers, posting an outflow of PHP218.59 million. The net market value turnover was at PHP4.70 billion," Alviar added.
Decliners outpaced advancers at 89 to 85, with shares of 53 counters left unchanged.
Meanwhile, peso depreciated by 0.18, closing at 56.75 to the US dollar from the previous trading's finish of 56.57.
The local currency opened at 56.70, stronger than its last kick-off at 56.80 to the greenback.
The currency pair traded from a low of 56.55 to a high of 56.81, bringing the weighted average for the day at 56.66 to a dollar.
Volume of trade reached USD1.28 billion from the previous trading's closing of USD1.32 billion. (PNA)
