Stocks, peso rebound on Tuesday

Gains in the local bourse continued on Tuesday following the release of several economic reports in the United States while the peso kept its footing after days of depreciation against the US dollar., according to a report by Philippine News Agency.

The Philippine Stock Exchange index (PSEi) increased by 1.71 percent, or 106.59 points, to 6,345.41 points. 

All Shares followed with a jump of 1.44 percent, or 48.21 points, to 3,400.68 points. 

Most of the sectoral gauges also gained during the day, namely Services, 3.32 percent; Mining and Oil, 2.97 percent; Property, 2.16 percent; Industrial, 1.63 percent; and Holding Firms, 1.42 percent. 

Only the Financials index shed during the day after it fell 0.29 percent. 

Volume was thin at 847.09 million shares amounting to PHP7.5 billion.

Advancers led decliners at 121 to 70, while 47 shares were unchanged. 

“Investors continued to buy across the board in the Philippine market as stronger-than-expected data on durable goods was weighed against expectations for a slowing economy that could limit the magnitude of Federal Reserve rate increases,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales. 

Citing reports, Limlingan said US durable goods orders increased by 0.7 percent last May, higher than the consensus forecast of a 0.2 percent increase. 

Also, pending home sales rebounded by 0.7 percent last May after a six-month slide, he said. 

Meanwhile, the peso kept its footing against the US dollar after touching the 55-level on Monday. 

It finished the trade at 54.77, an improvement from its 54.78 close a day ago. 

The local currency opened the trade at 54.83 and ranged between 54.88 and 54.64. 

The average level for the day stood at 54.757. 

Volume rose to USD1.65 billion from day-ago’s USD1.18 billion.