Peso strengthens, PSEi recovers


THE Philippine peso inched up against the US dollar on Tuesday finishing the day at 51.18 from 51.205 a day ago.

The positive turnout was attributed to expectations for rate normalization in the US, according to a trader.

The opening trade was 51.20 from the previous session’s 51.30. It improved to as much as 51.07 and moved to 51.21 during the day, resulting an average of 51.14.

Volume traded for the day reached $476.78 million, from $464.7 million a day ago.

Meanwhile, the Philippine Stock Exchange index (PSEi) recovered from a slump at the start of the week.

PSEi gained 0.60 percent, or 49.62, to 8,379.64 points and was tracked by the broader All Shares, which rose 0.39 percent, or 19.29 points, to 4,913.91 points.

Half of the sectors followed, led by the Mining and Oil with 1.98 percent, Holding Firms, 1.17 percent; and Industrial, 0.92 percent.

At the other side are the Services, 0.56 percent; Financials, 0.19 percent; while Property was flat.

Volume for the day reached 889.39 million shares amounting to P8.9 billion.

Losers surpassed gainers at 111 to 76 while 51 shares remained unchanged. PNA