Stocks, peso rise as investors weigh economic dev't - TrueID

Stocks, peso rise as investors weigh economic dev't

Philippine News AgencyAugust 17, 2021

MANILA – Wait-and-see stance ahead of more earnings reports, as well as the economic turn-out amid the pandemic, resulted in the positive close of the local main equities index and the peso on Tuesday.

The Philippine Stock Exchange index (PSEi) rose by 0.73 percent, or 47.73 points, to 6,561.41 points.

All Shares increased by 0.48 percent, or 19.31 points, to 4,072.47 points.

Most of the sectoral gauges followed the main index with the Property index at 1.26 percent; Industrial, 0.97 percent; Services, 0.73 percent; Financials, 0.48 percent; and Holding Firms, 0.23 percent.

The Mining and Oil index is the sole gauge that ended the day in the negative territory after losing 0.04 percent.

Volume totaled 1.20 billion shares amounting to PHP6.76 billion.

Decliners surpassed advancers at 98 to 97, while 50 shares were unchanged.

“Investors have been searching for clues as to how much the economy has recovered or will need in the coming month,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

Limlingan said local funds managers are “taking positions as to the state of the country next week” and whether the enhanced community quarantine (ECQ) in selected areas will be extended.

Metro Manila has been placed under two-week ECQ until Aug. 20 to curb the rise of coronavirus disease 2019 (Covid-19) following the discovery of local transmissions caused by the more contagious Delta variant.

Meanwhile, the local currency ended the day at 50.401 to a US dollar, better than its 50.645 close a day ago.

It opened the trade at 50.65 and ranged between 50.67 and 50.32.

The average level for the day stood at 50.558.

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