Stocks sustain gains amid easing inflation, peso weak vs. dollar

Manila: The local stock barometer improved at the start of the trading week, while peso depreciated against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 1.16 percent to 7,554.68, with All Shares also higher by 1.02 percent to 4,082.97 level.

Four indices finished in the green territory including Property, up by 2.05 percent; Services, up by 1.9 percent; Industrial, up by 1.22 percent; and Holding Firms, up by 1.21 percent.

Financials and Mining and Oil lost by 0.46 and 0.39 percent, respectively.

‘Investors continued to cheer the significant slowdown of the Philippines’ inflation last September as it strengthens the case for further monetary policy easing by the Bangko Sentral ng Pilipinas,’ Philstock Financials, Inc. research manager Japhet Tantiangco said.

‘Hopes that the Fed will also deliver more rate cuts also spurred optimism.’

Advancers led decliners at 129 to 79, leaving 49 counters unchanged.

Meanwhile, the peso closed weak at 56.83 to the US dollar, losing 0.53.

It
opened the day weak at 56.64 from last week’s kick-off at 56.38 to the greenback.

The currency pair traded between 56.58 and 56.84, bringing the average level for the day at 56.71 to the dollar.

Trade volume dropped to USD1.3 billion from USD1.51 billion on Friday.

Source: Philippines News Agency