MANILA – Philippine equities bounced back on Tuesday as investors snapped up undervalued stocks after several days of losses, while the peso posted a slight gain against the US dollar.
The Philippine Stock Exchange index (PSEi) advanced 0.32 percent to 6,026.01, and the All Shares index rose 0.24 percent to 3,349.75.
Sectoral performance was mostly positive, led by Services, which grew 1.03 percent. Holding Firms added 0.54 percent, Industrial rose 0.23 percent, and Mining and Oil improved 0.18 percent.
However, Property dropped 0.86 percent, while Financials edged down 0.08 percent.
Trading activity remained active with close to 1.1 billion shares changing hands, valued at about PHP7.3 billion. Market breadth showed 95 decliners, 92 gainers, and 53 unchanged stocks.
Analysts from Philstocks Financials Inc. attributed the market’s recovery to bargain buying after three straight sessions of losses. The local market also tracked the positive momentum from Wall Street’s overnight rally.
In the currency market, the peso strengthened slightly to 59.8 per US dollar, improving from 59.87 in the previous trading day.
The peso started weaker at 59.77, compared with the earlier opening of 59.71, and traded within the 59.65 to 59.88 range. The day’s average exchange rate was 59.74.
Dollar transactions reached USD1.88 billion, higher than the USD1.81 billion posted previously.
elamigp/xf
