Local News

PH shares rise anew, peso sideways

By: Joann Villanueva (Philippine News Agency)

MANILA – The Philippines’ main equities index ended higher on Tuesday, while the peso ended sideways against the US dollar partly on report of slower inflation rate in the country for March. 

For the third consecutive trading day, the Philippine Stock Exchange index (PSEi) rose to 5,650.01 points, up 1.42 percent or 79.20 points.

All Shares increased by 0.96 percent, or 32.30 points, to 3,393.05 points.  

Most of the sectoral gauges also gained during the day, led by the Property with 2.69 percent, and was trailed by the Industrial, 2.67 percent; Holding Firms, 2.15 percent; and Mining and Oil, 1.39 percent. 

On the other hand, Services slipped by 1.77 percent and Financials, 0.49 percent. 

Volume totaled to a little more than one million shares amounting to PHP6.36 billion.

Gainers led losers at 125 to 72, while 43 shares were unchanged. 

Regina Capital managing director Luis Limlingan said the report on the slower domestic inflation rate last March helped in the risk-on sentiment during the day, along with the lower number of coronavirus disease 2019 (Covid-19) cases in the US. 

Domestic inflation rate slowed to 2.5 percent from 2.6 percent last February, primarily due to a slower annual increase in the transport index because of the drop in oil prices. 

To date, inflation averaged at 2.7 percent, which was at the lower half of the government’s 2 percent to 4 percent target band. 

In terms of the Covid-19 reports factor, New York reported indications of a “flattening of the curve” for Covid-19 cases after registering 599 additional deaths Monday from 630 last Saturday. 

News reports said UK Prime Minister Boris Johnson has been transferred to the intensive care unit (ICU) after his Covid-19 symptoms worsened. 

Meanwhile, the peso finished the day’s trade at 50.68 against the US dollar from 50.72 on Monday. 

It opened the day at 50.65, sideways from its 50.72 start during the previous day, and traded between 50.8 and 50.625, bringing the day’s average to 50.701. 

Volume totaled USD455.9 million, higher than the USD357.07 million Monday. (PNA)

Source: https://www.pna.gov.ph/articles/1099116 April 7, 2020

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