Stocks rebound, but peso finishes sideways 

The local bourse’s main index tracked its US counterparts Tuesday, partly on optimism that the Iran-Israel conflict will be contained, and the peso ended little changed against the greenback, according to a report by Philippine News Agency.

The Philippine Stock Exchange index (PSEi) gained 0.17 percent to 6,369.19 points. The broader All Shares followed with a jump of 0.41 percent.

Most of the sectoral gauges rose and was led by the Industrial with an increase of 1.18 percent. It was trailed by the Property, 0.30 percent; Holding Firms, 0.28 percent; Services, 0.22 percent; and Mining and Oil, 0.14 percent.

Only the Financial index ended the day on the red after it fell 0.24 percent.

Volume reached 2.11 billion shares, amounting to PHP5.94 billion.

Advancers surpassed decliners at 124 to 82 while 42 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said hopes for a possible ceasefire between the Middle Eastern countries also benefited oil price concerns, particularly on oil supply.

He said Brent crude oil prices slipped by 1.35 percent to USD73.23 per barrel.

He also noted expectations for unchanged US Federal Reserve rates, due partly to weaker US manufacturing data. The Federal Open Market Committee will have meetings on June 17 and 18.

These developments factored in during the day’s currency trading, with the Philippine peso ending the day at 56.7 from its 56.41 finish Monday.

It opened the trade at 56.45, weaker than its 56.25 a day ago.

It traded between 56.7 and 56.45, resulting in an average of 56.57.

Volume of trade reached USD1.20 billion, lower than the day-ago’s USD1.30 billion.