Manila: Both the Philippine Stock Exchange index (PSEi) and the peso posted corrections on Tuesday, with stocks rebounding on bargain hunting amid caution over the Middle East conflict. The PSEi rose 0.32 percent to 6,026.01, while the All Shares index gained 0.24 percent to 3,349.75.
According to Philippines News Agency, gainers led most sectors: Services were up 1.03 percent, Holding Firms increased 0.54 percent, Industrial rose 0.23 percent, and Mining and Oil edged up 0.18 percent. However, the Property sector fell 0.86 percent, and Financials dipped 0.08 percent.
Volume reached nearly 1.1 billion shares worth PHP7.3 billion. Decliners outnumbered advancers, 95 to 92, with 53 stocks remaining unchanged. Philstocks Financials Inc. noted that the local market bounced back as investors hunted for bargains following three straight days of decline. Investors also took cues from Wall Street's overnight rise.
The peso closed slightly stronger at 59.8 to the US dollar from 59.87 previously. It opened weaker at 59.77 from 59.71, trading between 59.65 and 59.88, with an average of 59.74. The trading volume rose to USD1.88 billion from USD1.81 billion.
