Stocks sustain gains, peso back at 58:$1 mark

MANILA, Philippines —  The local stock market sustained its gains as the peso regained footing and investors continued to capitalize on cheaper prices.

The bellwether Philippine Stock Exchange index improved by 0.18 percent or 10.61 points to end yesterday’s session at 5,963.77.

The broader All Shares index also advanced by 0.44 percent or 15.7 points, settling at 3,605.21.

Philstocks Financial research manager Japhet Tantiangco said the local market extended its gains as investors continued with their bargain hunting.

“Hopes of a rate cut by the Federal Reserve and a solid agreement between the US and China in their meeting this week gave the market a boost,” he said.

Local sectors were mostly in the green, led by mining and oil, which jumped by 3.29 percent. Property and services indexes were in the red, declining by 0.78 percent and 0.63 percent, respectively.

Total value turnover grew to P6.46 billion from the previous day’s P4.64 billion. Market breadth stayed positive as advancers pummeled decliners, 110 to 74, while 61 issues were unchanged.

Tantiangco said the peso’s rebound also helped in yesterday’s session, but gains were eventually trimmed as investors traded cautiously amid lingering concerns, primarily on the country’s corruption issues and their impact on economic outlook.

The local currency closed at 58.69 yesterday, strengthening by 44 centavos from its record low 59.13 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened at 59.15. Its worst showing during the day stood at 59.26, while its intraday best was at 58.65 against the greenback.

Trading volume jumped by 14.9 percent to $2.01 billion yesterday from $1.75 billion last Tuesday. – Keisha Ta-asan