Stocks recover on risk-on sentiments; peso nearly flat

Philippine News AgencyOctober 14, 2021

MANILA – Risk-on sentiments reigned in the local bourse on Thursday following the easing of National Capital Region’s (NCR) pandemic alert to Level 3 starting October 16, while the peso ended sideways against the greenback.

After hitting a downward path in the past days, the Philippine Stock Exchange index (PSEi) gained 1.62 percent, or 114.19 points, to 7,183.11 points.

All Shares rose by 0.92 percent, or 40.69 points, to 4,443.95 points.

Holding Firms led the sectoral counters after it jumped by 2.28 percent and was trailed by the Property, 2 percent; Industrial, 1.80 percent; Services, 0.61 percent; Financials, 0.36 percent; and Mining and Oil, 0.30 percent.

Volume totaled over 1 billion shares amounting to PHP10.28 billion.

Advancers led decliners at 111 to 86, while 45 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said investors welcomed the reopening of the economy with the change in NCR’s alert level, a scheme which is in effect only in the national capital after a pilot test in recent weeks.

With the easing of movement restrictions, intrazonal and interzonal movements are now allowed but subject to reasonable restrictions.

Also, entertainment venues like cinemas have been allowed to take in guests at limited capacity.

Overseas, Limlingan said investors are looking into the possibility of tapering of Federal Reserve’s asset purchases based on the minutes of the Federal Open Market Committee (FOMC) meeting last September, which was released Wednesday night.

Meanwhile, the peso finished the day at 50.605 to a dollar, little changed from its 50.655 close a day ago.

It opened the trade at 50.59, an improvement from its 50.82 start in the previous session.

It traded between 50.67 and 50.525, resulting in an average of 50.609.

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