Stocks up, peso depreciates on Tuesday

Local shares went up for the fourth consecutive day on Tuesday amid lower global oil prices, but the peso depreciated against the US dollar. The Philippine Stock Exchange index (PSEi) gained 91.10 points to close at 6,263.94 poins. All Shares also went up by 36.23 points to 3,361.38 points. Sectoral indices also rose across-the-board, led by the Property after it jumped by 1.61 percent. It was trailed by the Financials, 1.60 percent; Holding Firms, 1.54 percent; Industrial, 1.12 percent; Mining and Oil, 0.59 percent; and Services, 0.41 percent. Volume reached 6.4 billion shares surging to PHP35.16 billion. Gainers led losers at 115 to 59 while 53 shares were unchanged. “The PSEi again gained for the 4th consecutive day, by 91.10 points or 1.5 percent to close at 6,263.94, new highs in nearly a month or since August 31, 2023 after global crude oil prices again eased to the lowest in nearly two weeks,” Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said in a Viber message. Ricafort said the Nymex crude oil benchmark went down to USD88 per barrel from the immediate high of USD93.74 posted last Sept. 19. “The recent gains in the local stock market somewhat continued to defy the more hawkish signals from local monetary officials and also from some Fed officials amid the need to better manage inflation and inflation expectations, towards the central bank inflation targets,” he said. The peso, meanwhile, closed at 56.955 to a dollar on Tuesday, from 56.79 finish on Monday. It opened the day at 56.85, sideways from its 56.79 start in the previous session. It traded between 56.85 and 56.98, resulting in an average of 56.91. Volume increased to USD1.06 billion from the previous session’s USD904.9 million

Source: Philippines News Agency