PSEi returns to 6,000-mark, peso back to 55-level

Both the local stock market and currency closed the first day of trading this week stronger. The Philippine Stock Exchange index (PSEi) returned to the 6,000 level after a three-day rally, increasing by 88.76 points on Monday that lifted the bourse to 6,078.03. All Shares also improved 29.10 points to 3,292.15 level. Except for Industrial, which slipped by 2.50 points, all sectoral indices ended in the positive territory, with biggest gains recorded by Holding Firms, with shares higher by 126.43 points. Philstocks Financial, Inc. assistant research manager Claire Alviar said the strong PSEi close was 'due to the strong Philippine manufacturing PMI (purchasing managers' index) data and a drop in US long-term Treasury yields'. 'Moreover, upcoming economic data releases including, but not limited to, inflation rate and GDP (gross domestic product) growth rate, which are both expected to be better than the previous report, helped lift the market,' Alviar added. Net market value turnover of the local stock market stood at PHP3.21 billion. Advancers slightly outnumbered decliners at 87 to 86, while 51 issues unchanged. Meanwhile, the peso started the week strong, finishing at 55.91 to a US dollar. It gained 0.19 from last week's closing of 56.10 against the greenback. The peso opened the day strong at 55.80 from Friday's kick off at 56.60. The currency pair traded between 55.73 and 55.93, bringing the average level for the day at 55.83 to a dollar. Volume of trade declined to USD1.15 billion from Friday's volume of USD1.84 billion.

Source: Philippines News Agency

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