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MANILA – Local shares gained for the third straight day while the peso depreciated on Tuesday's trading.
The Philippine Stock Exchange index (PSEi) went up by 0.17 percent to close at 6,225.00.
All Shares also increased by 0.11 percent to 3,360.14.
"Philippine shares closed slightly higher as traders continued to weigh new signs of a slowing world economy, while locally, many were assessing the impact of the latest CPI (consumer price index) reading this morning," Regina Capital Development Corp. head of sales Luis Limlingan said.
Headline inflation accelerated to 5.3 percent in August from 4.7 percent in July.
Most of the sectoral indices increased, led by Holding Firms which rose by 1.25 percent to 5,984.45.
It was followed by Mining and Oil, up 1.12 percent to 10,245.91; Industrial, 0.68 percent to 8,819.65; and Services, 0.26 percent to 1,511.22.
Property and Financials, meanwhile, declined by 0.92 percent and 0.82 percent, respectively.
Volume reached 437.48 million shares with a total value of PHP3.40 billion.
Decliners led advancers at 87 to 85, while 56 shares were unchanged.
"Investors could also be facing a rocky September as they will have to digest a bunch of economic reports such as CPI data and the Fed's (Federal Reserve) policy meeting," Limlingan said.
"Oil prices edged higher, supported by positive economic data from China and the United States, along with anticipated continued reductions in crude oil supply by major producers, boosting market sentiment," he added.
Brent crude rose by 0.2 percent to USD88.72 per barrel, while US WTI rose by .3 percent to USD85.80 per barrel.
Meanwhile, the peso closed at 56.8 to a US dollar on Tuesday from 56.62 on Monday.
The local currency opened at 56.7, down from the previous day's opening at 56.65.
The currency pair traded from 56.68 to 56.9, bringing the weighted average for the day at 56.788 to a dollar.
Volume of trade reached USD1.52 billion from the previous trading's closing of USD1.58 billion.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the US dollar-peso exchange rate corrected higher for the second straight day following the latest uptick in inflation.
Ricafort said for Wednesday, the exchange rate could range at 56.70 to 56.90 levels. (PNA)
