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Philippine stock market advances

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The Philippine Stock Exchange index (PSEi) rallied on Tuesday backed by lower oil prices, but the peso closed almost unchanged against the United States dollar, according to a report by Philippine News Agency.

"The local bourse gained by 40.07 points (0.64 percent) to 6,309.57 thanks to the easing of oil prices amid the temporary truce between Israel and Hamas, coupled with the potential cut in oil supply by OPEC ," Philstocks Financial, Inc. assistant research manager Claire Alviar said.

Alviar said the easing oil prices could support the growth of the Philippines especially in the last quarter of the year.

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“In addition, net foreign buying worth PHP657.70 million helped lift the bourse this session," she said.

All Shares also increased by 10.48 points.

Most of the sectoral indices were in the positive territory led by Property which gained by 90.30 points, followed by Holdings Firms which rose by 31.34 points.

Mining and Oil and Financial also gained 20.67 points and 0.53 points.

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Services and Industrial, however, declined by 0.21 points and 118.13 points.

Volume reached 382.7 million shares with a total value of PHP5.3 billion.

Losers led gainers at 106 to 79, while 39 shares were unchanged.

The peso, meanwhile, closed at 55.4 to a dollar, almost unchanged than Friday's 55.38 closing.

It opened the day at 55.435 from the previous session's 55.35.

It traded the day between 55.4 and 55.52, resulting in an average of 55.459.

Volume increased to USD1.2 billion from the USD1.1 billion on Friday.


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