Manila: Bargain-hunting at the start of this week's trading session lifted the Philippine Stock Exchange index (PSEi) Monday, benefiting even the Philippine peso.
According to Philippines News Agency, the local bourse's main index rose 0.54 percent to 6,314.90 points, and the broader All Shares by 0.38 percent to 3,435.37 points. Most of the sectoral gauges also jumped during the day, namely Mining and Oil, up 1.11 percent; Services, up 0.99 percent; Financials, up 0.75 percent; and Property, up 0.55 percent. On the other hand, Holding Firms fell 0.10 percent and Industrial by 0.04 percent.
Volume is still thin at 448.08 million shares amounting to PHP4.8 billion. Advancers led decliners at 94 to 75 while 67 shares were unchanged. "The local bourse ended higher as bargain hunting persisted during the session amid easing geopolitical tensions following a strike halt in the Middle East. Investor sentiment was further supported by the sharp decline in crude oil prices, which helped ease concerns over inflationary pressures," said Luis Limlingan, Regina Capital Development Corporation head of sales. He also noted that "market participants remained cautiously optimistic as lower oil prices provided some relief to the broader market."
Similarly, the local currency improved against the U.S. dollar and closed the week's first trading day at 61.67 from 61.847 Friday last week. It opened the day at 61.76, slightly better than its 61.8 start in the previous session. It traded between 61.76 and 61.67, bringing the day's average to 61.71. Volume rose to USD990.68 million from USD969.38 million in the previous session.
