MANILA – Local shares improved while the Philippine peso depreciated to the PHP56-level during the week’s kick-off.
The Philippine Stock Exchange index (PSEi) gained 79.33 points to close at 6,583.47 on Monday, with All Shares increasing by 28.04 points to 3,479.82.
“Local shares bounced back after last week's sell-off as investors returned to buying equities in force following a short-lived market stumble to start the new year,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Except for Industrial, which declined by 11.43 points, all sectoral indices closed in the green, with the biggest gains from the Mining and Oil counter which had an increment of 151.91 points.
Following the Mining and Oil Counter was Holding Firms, improving by 94.85 points to 6,317.30; Property, up by 42.94 points to 2,859.62; Financials, up by 24.51 points to 1,837.19; and Services, up by 15.23 points to 1,610.32.
Advancers led decliners at 94 to 85, leaving 48 counters unchanged.
Meanwhile, the peso weakened to 56.33 to a US dollar on Monday from last week’s closing of 55.97. It shed 0.36.
The peso opened the day weak at 55.95 from its previous kick-off at 55.85.
The exchange rate ranged between 55.95 and 56.33 to the greenback during the day.
Weighted average level stood at 56.16.
With the higher value of the US dollar against the Philippine peso, the volume of trade increased to USD1.71 billion from USD1.39 billion in the previous trading. (PNA)
