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PSEi rises while Peso moves sideways

Investors’ concerns on US President Donald Trump’s taxation policies and the possible trade war with China failed to spook both the Philippines’ main equities index and the peso on Tuesday.

Bargain hunting boosted the Philippine Stock Exchange index (PSEi) enabling it to rise by 0.12 percent, or 9.27 points, to 8,048.72 points. A trader said investors took the opportunity to buy some shares after the recent sell-off due to worries in the US, among others. The rise of PSEi was tracked by the All Shares, which rose 0.05 percent, or 2.35 points, to 4,871.90 points.

Most of the sectors followed, led by the Mining and Oil, which ticked-up by 1.44 percent. Holding Firms, Services, and Property inched up by 1.01 percent, 0.63 percent, and 0.02 percent, respectively. On the other hand, Financials dropped by 1.13 percent and Industrial, 0.90 percent. Volume reached 2.34 billion shares amounting to PHP6.1 billion.

Losers led gainers at 104 to 98 while 45 shares were unchanged.

The peso ended Tuesday at 52.08, little changed than its 52.03 close a day ago. A trader said the peso was helped by positive sentiment in the local equities market although investors were cautious and took on a wait-and-see stance on developments overseas.

The local unit’s closing level is also its opening and weakest level for the day after it strengthened to 51.94 mid-trade, resulting in an average of 52.026. Volume reached USD657.5 million, up from the previous session’s USD507 million.

On Wednesday, the currency pair is seen to trade between 51.90 and 52.10.

Joann Villanueva / PNA