Manila: The local bourse ended Monday on a positive note, sustaining its rise from last week, but the Philippine peso weakened due to the strengthening of the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.58 percent and rose further to 6,223.99 points, and the broader All Shares gained 0.53 percent to 3,388.97 points. Most of the sectoral gauges also inched up, led by the Financials after it jumped 1.85 percent. It was trailed by the Holding Firms, 1.69 percent; Industrial, 1.18 percent; Property, 1.07 percent; and Mining and Oil, 0.66 percent. Only the Services index lost, down by 1.72 percent. Volume was thin at 895.28 million shares, amounting to PHP6.5 billion. Advancers led decliners at 100 to 83 while 59 shares were unchanged.

According to Philippines News Agency, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the PSEi's performance partly to the expected decline in the domestic inflation rate from 6.8 percent last May, which the Philippine Statistics Authority (PSA) is scheduled to report on Tuesday. He said the rate of price increase is projected to ease due to decline in global crude prices, which has translated to rollback in domestic pump prices.

On the other hand, the local currency weakened against the greenback and closed the day's trade at 61.49 from 61.41 on Friday last week. It opened the trade at 61.5, down from its 61.39 start in the previous session. It traded between 61.55 and 61.45, bringing the day's average to 61.41. Volume went down to USD 876.75 million from USD 1.6 billion in the previous session. Ricafort projects the local currency to trade between 61.40 and 61.60 levels on Tuesday.