MANILA – Local stocks bounced back on Tuesday as investors looked for bargains.
The Philippine Stock Exchange index (PSEi) gained 45.07 points, closing at 6,898.17, while All Shares rose 20.34 points to 3,598.55.
"This Tuesday, the local market rose by 45.07 points (0.66%) to 6,898.17 as investors hunted for bargains at the last minute," said Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio.
"Contributing to the climb was Department of Finance Secretary and Monetary board member Ralph Recto’s statement saying that the BSP may cut interest rates this year by 50 basis points. With Tuesday’s climb, the bourse joins its regional peers," added Plopenio.
Almost all counters closed in the green territory, with the Services recording the biggest gain of 1.78 percent.
Meanwhile, the Banks lost the most, dropping 0.94 percent.
Losers edged gainers at 99 to 98.
The Philippine peso, meanwhile, moved sideways, closing at 56.32 to a dollar on Tuesday from Monday's 56.39 finish.
It opened the day at 56.3 and traded between 56.222 and 56.35.
The average level for the day stood at 56.281.
Trade volume declined to USD1.55 billion from Monday's USD1.65 billion. (PNA)
