MANILA – The local bourse returned to the 6,200-mark, buoyed by better market sentiment while the peso slightly gained on Tuesday’s trading.
“The PSEi (Philippine Stock Exchange index) gained today by 82.07 points, or 1.3 percent to close at 6,280.90, near two-week highs and also among 1.5 months high,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
All shares likewise increased by 31.48 points to 3,391.38, with all counters except for Mining and Oil, which was the lone gainer in the previous trading, ending the day in the green.
“Market sentiment largely improved, including in the local stock market, after US President Biden considering a trip to Israel, amid other diplomatic efforts, as part of efforts to prevent the Israel-Hamas war from spreading/escalating in the Middle East region,” Ricafort added.
The year-on-year expansion on overseas Filipino remittances also backed the positive sentiment at home.
Advancers led decliners at 119 to 78, with shares of 45 listed firms left unchanged.
Meanwhile, the Philippine peso closed sideways at 56.75 to a US dollar, slightly improving by 0.02 from Monday’s finish of 56.78.
It opened the day stronger at 56.70 than the level it started Monday at 56.82.
Peso and dollar ranged this day from 56.67 and 56.78, bringing the average level for the day at 56.74.
Trade volume was robust on Tuesday than Monday’s level at USD1.1 billion and USD859.5 million, respectively.
“For tomorrow, the peso could range at the 56.65 to 56.85 levels,” Ricafort added. (PNA)
