Stocks, peso start week with gains

MANILA – Risk-on sentiment boosted both the Philippine Stock Exchange index (PSEi) and the peso Monday.
The main equities gauge rose by 1.02 percent, or 61.95 points, to 6,150.70 points.
All Shares jumped by 0.73 percent, or 26.08 points, to 3,605.68 points.
Most of the sectoral gauges also posted upticks during the day, led by the Property, which inched up by 2.08 percent.
Industrial counter increased by 1.21 percent, Holding Firms by 0.89 percent, and Services by 0.31 percent.
The Mining and Oil counter declined by 1.30 percent and Financials by 0.09 percent.
Volume totaled 2.27 billion shares amounting to PHP3.1 billion.
Gainers led losers at 109 to 75, while 52 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the generally positive sentiment in the local bourse to investors’ decision to consider reports about the mixed earnings report in the US, as well as the paring of losses from last week’s trading.
He said one of the factors for this week’s trading includes the jobless claims reports from the US, which will be released on Thursday.
He added oil prices “were broadly stable in early US trading as expectation of more economic stimulus programs balanced concerns about the recovery in fuel demand as coronavirus cases surge and major crude-producing nations already increase in output.”
The price of Brent crude futures in the international market declined by 24 cents to USD43.13 per barrel and the price of West Texas Intermediate crude went down by 16 cents to USD40.59 per barrel.
Meanwhile, the local currency ended the day at 49.375 from last Friday’s 49.44 finish.
It opened the day at 49.45, an improvement from its 49.55 start in the previous session.
It traded between 49.46 and 49.375, resulting in an average of 49.415.
Volume totaled to USD492.33 million, lower than the USD687.8 million at the end of last week. (PNA)