MANILA – The main stocks index ended on a positive note Tuesday following a Wall Street rally, while the peso closed almost unchanged.
The Philippine Stock Exchange index (PSEi) rose 1.68 percent, or 102.54 points, to 6,207.72 points.
All Shares followed with an uptick of 1.34 percent, or 48.31 points, to 3,645.17 points.
All the sectoral gauges also tracked the main index, led by Financials, which inched up by 2.43 percent.
Holding Firms increased by 2.22 percent; Services, 1.50 percent; Mining and Oil, 1.21 percent; Industrial, 1.16 percent; and Property, 0.16 percent.
Volume totaled to 857.27 million shares amounting to PHP6.5 billion.
Gainers led losers at 118 to 70, while 54 shares were unchanged.
“Philippine shares closed 2Q (second quarter) on a positive note as shares rose sharply with Wall Street cheering news on Boeing and traders shrugged off the latest surge in coronavirus cases,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
News reports said the US Federal Aviation Administration (FAA) has started test flights for Boeing’s 737 Max, the best-selling model that was grounded in 2019 following the two crashes that killed 346 passengers.
Limlingan also cited the scheduled poll on Hong Kong’s security law Tuesday, a day before the Handover holiday.
China has passed the security law which gives it new powers over the former British colony.
He added the US has revoked Hong Kong’s special status on concerns that sensitive US technology will be shipped to China.
In a statement on June 29, US Secretary of Commerce Wilbur Ross said export license exceptions to Hong Kong are suspended, adding “further actions to eliminate differential treatment are also being evaluated”.
Meanwhile, the local currency finished the day’s trade at 49.83 from 49.85 a day ago.
It opened the day at 49.75, way better than its 49.92 start in the previous session.
It traded between 49.84 and 49.74, resulting in an average of 49.79.
Volume totaled to USD642.73 million, lower than the USD819.22 million a day ago. (PNA)