The main stocks index rebounded on Tuesday on news about a possible ceasefire in the Russia-Ukraine conflict while the peso continued its sideways close against the US dollar.
The Philippine Stock Exchange index (PSEi) rose by 0.93 percent, or 68.66 points, to 7,440.91 points.
All Shares followed with a jump of 0.56 percent, or 21.85 points, to 3,938.51 points.
Most of the sectoral indices also gained during the day, namely Holding Firms, 1.91 percent; Mining and Oil, 1.86 percent; Services, 1.14 percent; and Industrial, 0.45 percent.
On the other hand, Property declined by 0.22 percent and Financials by 0.10 percent.
Volume reached 3.13 billion shares amounting to PHP12.85 billion.
Decliners surpassed advancers at 98 to 94, while 54 shares were unchanged.
“Philippine investors took bets on the back of news reports of the short-lived strong possibilities of a summit for a ceasefire and with (the) US market still on holiday,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Reports said Russian President Vladimir Putin has ordered Russian soldiers to “maintain peace” in two breakaway regions in Eastern Ukraine after recognizing Donetsk and Luhansk as independent entities.
While investors remain cautious because of the geopolitical issues overseas, the Philippine peso continues to keep its footing against the greenback and closed the day’s trade at 51.45 from the previous day’s 51.38 finish.
It opened the day at 51.4 and traded between 51.48 and 51.4. Average level stood at 51.445.
Volume rose to USD782.4 million from the previous day’s USD713.5 million. (PNA)
