Bargain hunting lifts stocks index, peso finishes sideways

Bargain hunting again lifted the main equities gauge on Tuesday while the peso continued with its sideways close against the US dollar.

The Philippine Stock Exchange index (PSEi) rose by 1.42% or  92.54 points, to 6,594.66 points. All Shares followed with a jump of 0.78% or 27.37 points, to 3,533.65 points. 

Most of the sectoral gauges also increased during the day, led by Holding Firms, which climbed 2.13%. It was trailed by Property at 1.67%; Financials, 1.22%; Mining and Oil, 0.65%; and Industrial, 0.60%. Only the Services index ended in the negative territory after it fell 0.11%. 

Volume totaled 1.17 billion shares amounting to P7.32 billion.  Advancers led decliners at 109 to 88, while 50 shares were unchanged. 

“Investors continued to bargain hunt into the Philippine market despite global inflation concerns with some investors worried the world economy could ultimately tipi not a recession,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 

The risk-on sentiments were also felt in the foreign exchange market, resulting in the sideways close of the local currency, which finished the trade at 52.425 from its 52.493 close a day ago. It started Tuesday at 52.45 and traded between 52.48 and 52.41. Average level for the day stood at 52.448. 

Volume increased to USD843.1 million from the previous session’s USD549.84 million. (PNA)

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