Article by:
Joann Villanueva
MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso posted corrections on Tuesday, with stocks rebounding on bargain hunting amid caution over the Middle East conflict.
The PSEi rose 0.32 percent to 6,026.01, while the All Shares index gained 0.24 percent to 3,349.75.
Gainers led most sectors: Services, up 1.03 percent; Holding Firms, 0.54 percent; Industrial, 0.23 percent; and Mining and Oil, 0.18 percent.
Property fell 0.86 percent, and Financials dipped 0.08 percent.
Volume reached nearly 1.1 billion shares worth PHP7.3 billion. Decliners outnumbered advancers, 95 to 92, with 53 unchanged.
“The local market bounced back as investors hunted for bargains following three straight days of decline. Investors also took cues from Wall Street’s overnight rise,” Philstocks Financials Inc. said.
The peso closed slightly stronger at 59.8 to the US dollar from 59.87 previously.
It opened weaker at 59.77 from 59.71, trading between 59.65 and 59.88, with an average of 59.74.
Volume rose to USD1.88 billion from USD1.81 billion. (PNA)
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