MANILA – Local shares went up anew while the peso was almost flat on the first trading day of the week.
The Philippine Stock Exchange index (PSEi) gained 30.05 points to close at 6,172.84 while the broader All Shares also increased by 8.20 points to 3,325.15 on Monday.
"Philippine shares traded upward as volume activity was spurred by the latest rebalancing, and with funds gearing up for the quarter end rebalancing," Regina Capital Development Corp. head of sales Luis Limlingan said in a comment.
Almost all sectors gained led by Holding Firms and Industrial, which went up by 46.91 points and 18.33 points, respectively.
Mining and Oil, on the other hand, shed 2.67 points.
Losers led gainers at 89 to 85, with 47 issues left unchanged.
The peso, meanwhile, closed at 56.78 to a dollar on Monday from 56.79 last Friday.
It opened the day at 56.79 and traded between 56.73 to 56.78, bringing the day's average at 56.78.
"The US dollar-peso exchange rate again corrected slightly lower for the second straight day, down by 0.01 or 0.02 percent, to close at 56.785," Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a comment.
The volume of trade amounted to USD904.9 million, down from USD994.31 million.
"For tomorrow, the peso exchange rate could range at 56.68-56.88 levels," Ricafort said. (PNA)