Peso ends sideways as stocks recover on rebound of tech shares

Philippine News AgencyMay 25, 2021

MANILA – A rebound of tech shares in the region helped the Philippine Stock Exchange index (`PSEi) recover on Tuesday but the peso ended the day sideways after weakening to 48-level Monday.

The main stocks gauge rose by 0.52 percent, or 31.82 points, to 6,196.71 points.

All Shares followed with a 0.35 percent, or 13.51 points, jump to 3,834.78 points.

Half of the sectoral indexes gained during the day while the other half ended in the negative territory.

Those that rose include the Holding Firms, 0.98 percent; Financials, 0.51 percent; and the Property, 0.42 percent.

On the other hand, Mining and Oil slipped by 0.59 percent, Services by 0.22 percent, and Industrial by 0.06 percent.`

Volume totaled 1.16 billion shares amounting to PHP6.02 billion. `

Gainers led losers at 98 to 88, while 58 shares were unchanged.

Regina Capital Development Corporation head of sales Luis Limlingan said local shares “were bought up with sentiment changing positively as tech shares rebounded in regional markets.”`

“Stocks also rose with commodities as a demand bump fueled by Covid-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions,” he said.

Limlingan said sentiments for Wednesday will be affected by the speeches of several Federal Reserve Presidents Tuesday tonight “as investors are eager to watch this as well.” `

“In Asia, bourses were mixed as investors remained cautious of the resurgence in Covid-19 cases in some countries,” he said, citing the jumps in Thailand, Malaysia, and Vietnam.

Meanwhile, the peso ended the day sideways against the US dollar after closing the trade at 48.135 from 48.065 a day ago.

It opened the day at 48.05 and traded between 48.16 and 48.00.

Average level for the day stood at 48.079. `

Volume rose to USD1.039 billion from the previous session’s USD937.64 million.(PNA)

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