MANILA – Local shares mirrored most Asian markets on Monday’s trading while the local currency closed sideways.
The Philippine Stock Exchange index (PSEi) gained 33.62 points to 6,214.68, with all shares also increasing by 14.47 points to 3,356.44.
Philstocks Financial, Inc. research associate Claire Alviar said the local bourse rose in line with most Asian stock markets contributing to the overall bullish sentiment.
“This increase was attributed to positive cues from Wall Street last Friday, where higher unemployment rates provided investors with optimism that the Federal Reserve might consider pausing its monetary tightening measures in response to the data,” Alviar said.
All sectors finished in the positive territory, except for Financials which slipped by 3.07 points to 1,833.81.
Biggest winner was Mining and Oil whose shares climbed 136.43 points back to the 10,000-mark.
Regina Capital Development Corp. head of sales Luis Limlingan said global oil prices continued to increase amid the tightening of supplies and the anticipation that the OPEC+ will prolong their output cuts.
Holding Firms also increased its shares by 41.86 points to 5,910.55; Property, 37.70 points to 2,604.86; Industrial, 23.13 points to 8,759.89; and Services, 4 points to 1,507.30.
“The net market value turnover was at almost PHP11 billion, however, excluding the unusual cross sale, it was only at PHP4.88 billion,” Alviar said.
Gainers outnumbered losers at 94 to 82, with shares of 42 counters left unchanged.
Meanwhile, the Philippine peso finished at 56.62 to the US dollar on Monday.
It shed 0.02 from previous trading’s close of 56.60 to the greenback.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the local currency already shed 2.32 from its “immediate low of 54.30 posted on July 17, 2023”.
The peso opened the day at 56.65, a little better than last trading’s start at 56.70 to a dollar.
The currency pair traded between 56.49 and 56.66, bringing the average level for the day at 56.57 to a US dollar.
Trade volume increased to USD1.59 billion compared to the previous volume of USD1.48 billion. (PNA)
