Article by:
Joann Villanueva
MANILA – The Philippine Stock Exchange index (PSEi) recovered on Tuesday after ending the week’s first trading day in the negative territory, while the peso corrected against the U.S. dollar.
All the counters in the local bourse gained during the day, led by the main index after it rose 2.01 percent to 6,126.66 points.
The broader All Shares followed with a jump of 1.82 percent to 3,407.61 points.
Mining and Oil led the sectors after it rose 3.23 percent, followed by Services, 2.88 percent; Financials, 1.89 percent; Industrial, 1.82 percent; Holding Firms, 1.80 percent; and Property, 0.97 percent.
Volume reached 1.4 billion shares amounting to PHP7.49 billion.
Advancers led decliners at 147 to 58, while 64 shares were unchanged.
"The PSEi rebounded sharply after yesterday’s sell-off, tracking gains in global equities as optimism over potential geopolitical de-escalation improved risk sentiment following (US) President (Donald) Trump’s remarks suggesting the conflict may end soon,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
However, Limlingan said that “despite the broad-based recovery, the rebound remains fragile as investors stay cautious, with sustained gains likely dependent on continued positive cues from global markets and clearer developments in ongoing geopolitical tensions.”
Meanwhile, the peso finished better to a U.S. dollar after ending the day at 58.89 after sliding to 59.5 Monday.
It opened unchanged during the day at 59.25, and traded between 59.34 and 58.86. The average for the day stood at 59.13.
Volume reached USD2.03 billion, lower than the previous session’s USD2.6 billion. (PNA)
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