Stocks, Peso End Trading on Positive Note Ahead of US Polls

The Philippine Stock Exchange index (PSEi) rose Tuesday while the peso ended the day sideways against the US dollar as positive appetite ahead of the Nov. 3 US polls reigned.

The main equities index rose by 0.18 percent, or 11.56 points, to 6,335.56 points.

All Shares increased by 0.26 percent, or 9.90 points, to 3,789.47 points.

Most of the sectoral indices also posted upticks during the day, led by the Financials after it jumped by 1.42 percent.

Industrial followed with a 1.15-percent rise along with Mining and Oil, 0.75 percent; Holding Firms, 0.39 percent; and Services, 0.23 percent.

Only the property index ended the day on the red after it shed by 1.13 percent.

Volume totaled 4.20 billion shares amounting to PHP6.6 billion.

Advancers led decliners at 125 to 80, while 47 shares were unchanged.

“Philippine shares closed marginally higher ahead of the much anticipated US election, and as markets continue to monitor rising Covid-19 (coronavirus disease 2019) cases and a stream of corporate earnings results,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

He said with less than 24 hours before the US polls, survey results are showing Joe Biden’s increasing chances to the Presidential post, as well as possible increase in the number of Democrats in both the House of Representatives and the Senate.

In terms of the pandemic, Limlingan said some European countries continue to implement stricter movement restrictions to address the second wave of Covid-19 infections in their respective areas.

Meanwhile, the risk-on sentiments in the local bourse benefited the local currency after it ended the day at 48.41 against the US dollar, sideways from its 48.4 close Friday last week.

There was no trading on Monday due to the All Souls’ Day holiday.

It opened the day at 48.38 and traded between 48.42 and 48.355.

Average level for the day stood at 48.379.

Volume totaled to USD510.05 million, lower than the previous session’s USD817.4 million. (PNA)