PHP, PSEi post gains

Both the Philippine peso and the local bourse ended Tuesday with gains, in line with counterparts in the region.

The local currency strengthened by Php 0.11 after it finished the trade at 49.50 from 49.62 a day ago, which a trader said was generally the theme in the region for the day partly because of lower oil prices.

It started the day at 49.58, little moved from the 49.61 Monday.

It traded between 49.61 and 49.47 resulting in an average of 49.54.

Volume of trade reached USD669.5 million, higher than the USD405.3 million in the previous session.

The trader expects the currency pair to range between 49.40 and 49.60 Wednesday.

The Philippine Stock Exchange index (PSEi) inched up by 1.21 percent, or 88 points, to 7,364.34 points during the day.

A trader said the local equities market remained firm despite some difficulties in some countries in the region following the same trend in US equities.

All Shares gained 1.17 percent, or 50.98 points, to 4,417.13 points.

Services led the sectors with 2.12 percent increase followed by Property, 1.74 percent; Mining and Oil, 1.60 points; Industrial, 1.004 percent; Holding Firms, 0.81 percent; and Financials, 0.40 percent.

Volume of trade totaled to 5.61 billion shares amounting to Php RM8.95 billion.

Gainers led losers at 129 to 74 while 41 stocks were unchanged.

Source: Philippines News Agency