MANILA – Risk-on sentiments continued to boost local shares while the peso was little changed against the US dollar Tuesday.
The Philippine Stock Exchange index (PSEi) gained 1.60 percent, or 95.00 points, to 6,025.17 points.
All Shares rose 1.18 percent, or 41.50 points, to 3,551.72 points.
Holding Firms posted the highest jump among the sectors with 2.35 percent, and was trailed by the Property, 1.68 percent; Industrial, 1.26 percent; Financials, 1.11 percent; Mining and Oil, 0.66 percent; and Services, 0.48 percent.
Volume totaled to a little over 1 billion shares amounting to PHP7.29 billion.
Gainers led losers at 117 to 61, while 43 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, does not expect the US-China trade issues “to weigh meaningfully on broader market sentiment or economic activity” unlike what happened last year.
Limlingan said markets “initially took a positive signal from the fact that President (Donald) Trump did not refer to the Phase One trade deal in his remarks on Friday.”
This, even as reports said China temporarily stopped purchases of US soybean, which is among the agricultural products included in the Phase One deal that hiked exports to China by USD200 billion.
The move came after Washington announced its plan to revoke Hong Kong’s special status and slap sanctions and other economic weapons against China and Hong Kong after Chinese authorities passed a national security law that increased influence over the former British colony.
The peso ended the day at 50.34 against a US dollar, barely moved from its 50.32 close a day ago.
It opened the day at 50.31, a big improvement from its 50.5 start in the previous session.
It traded between 50.41 and 50.28, resulting in an average of 50.344.
Volume totaled to USD877.1 million, higher than the USD699.75 million Monday. (PNA)