Local Markets Bounce Back Tuesday

Both the Philippine Stock Exchange index (PSEi) and the peso recovered on Tuesday after starting the week with losses.

PSEi recovered 0.56 percent, 44.01 points, to 7,907.03 points, which Regina Capital Managing Director Luis Limlingan traced to bargain hunting.

“This happened while investors continued to fret over the inversion of the yield curve,” he said.

All Shares gained 0.36 percent, or 17.58 points, to 4,860.45 points.

Most of the sectors also traced the main gauge led by the Property sector, which rose 0.71 percent, and was followed by Holding Firms, 0.67 percent; Financials, 0.40 percent; and Industrial, 0.36 percent.

On the other hand, Mining and Oil fell 0.35 percent and the Services by 0.10 percent.

Volume reached 971.3 million shares amounting to PHP5.4 billion.

Advancers led decliners at 112 to 76 while 42 shares were unchanged.

The peso ended the day at 52.445 from 52.52 a day ago, which a trader said mirrored the improvement in the local bourse.

It opened the day at 52.45, an improvement from the 52.55 a day ago.

The local currency strengthened to 52.37 mid-trade but also slipped to 52.49 bringing the day’s average to 52.428.

Volume reached USD770.05 million from USD886.2 million a day ago.

The peso is seen to trade between 52.30 and 52.50 to the greenback Wednesday. (PNA)