By Joann Villanueva
MANILA – Concerns on the rise of new coronavirus disease 2019 (Covid-19) made investors buy selectively boosting local shares Monday, but the peso weakened against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 0.51 percent, or 32.36 points, to 6,347.43 points.
All Shares increased by 0.61 percent, or 22.35 points, to 3,706.90 points.
Industrial posted the highest increase among the sectors with a jump of 1.68 percent and was trailed by the Property, 1.49 percent; Mining and Oil, 0.98 percent; Financials, 0.51 percent; and Services, 0.47 percent.
Only Holding Firms declined during the day after it fell by 0.41 percent.
Volume totaled 1.21 billion shares amounting to PHP7.33 billion.
Losers surpassed gainers at 113 to 87, while 47 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed investors’ sentiment to reports quoting the World Health Organization’s (WHO) statement that the pandemic caused by Covid-19 remains a deadly threat.
This, as new cases around the world topped 150,000 over the weekend.
He cited the Bank of England’s decision last week to add 100 billion pound sterling to its quantitative easing (QE) program to help lift the United Kingdom’s economy from the impact of the pandemic.
Contrary to the risk-on sentiments in the stocks market, the peso weakened against the US dollar and ended the day at 50.14 from its 50.06 close on Friday last week.
It opened the day at 50.05, better than its 50.18 start in the previous session.
It traded between 50.14 and 50.03, resulting in an average of 50.069.
Volume totaled to USD456.96 million, lower than the USD809.02 million at the end of last week. (PNA)