Stocks rise, peso flat amid Covid 19 concerns

Concerns on the coronavirus disease 2019 (Covid 19) continue to affect trading in the Philippine financial market but local stocks and the peso both managed to end Monday on a positive note.

The Philippine Stock Exchange index (PSEi) rose 0.62 percent, or 44.85 points, to 7,326.85 points.

All Shares also ended with gains after it improved by 0.45 percent or 19.59 points, to 4,338.70 points.

It was, however, a mix among the sectors, with Holding Firms, Industrial, and Financials rising by 1.35 percent, 0.61 percent; and 0.33 percent, respectively.

On the other hand, Mining and Oil fell 0.41 percent, Services, 0.30 percent; and Property, 0.05 percent.

Volume was thin at 782.6 million shares amounting to PHP7.84 billion.

Gainers led losers at 107 to 77, while 49 shares were unchanged.

Regina Capital Managing Director Luis Limlingan said while reports on Covid 19 continue to come out, the numbers are now lower due to various measures taken by Chinese authorities to address the virus' spread.

He also cited Chinese officials' planned program to help businesses vis A vis the impact of the virus.

Another reason for the risk on sentiment is the White House's statement that the problem on the virus is all under control, he noted.

The local unit ended almost flat at 50.57 from 50.56 close Friday last week.

It opened at 50.58, weaker than its 50.47 start in the previous session.

It traded between 50.61 and 50.52, resulting in an average of 50.565.

The currency pair is seen to trade between 50.50 and 50.70 against the US dollar on Tuesday.

Source: Philippines News Agency