PSEi starts week up, peso barely flat vs. USD

MANILA— An enhanced investors’ risk sentiment boosted the Philippines’
main stocks gauge on Monday to the 8,000-level but the peso remained almost flat against the US dollar.

The Philippine Stock Exchange index (PSEi) gained 0.96 percent, or 76.63 points, to 8,035.20 points.

A trader said investors partly considered the positive news in the US last week, referring to the personal spending, among others, which rose by 0.3 percent last July from the previous month’s 0.2 percent growth.

The trader said growth of personal spending in the US last July was below the 0.4 percent increase forecast by most analysts but still pointed to improving economic situation  among the consumers, thus, investors remained upbeat.

All the other indices in the PSE tracked the main index, with the broader All Shares up 0.82 percent, or 38.72 points, to 4,761.99 points.

The sectors were led by Mining and Oil, which surged by 1.82 percent followed by the Property,1.42 percent; Holding Firms, 1.19 percent; Industrial, 1.06; Services, 0.50 percent; and Financials, 0.02 percent.

Volume for the day reached 887.27 million shares amounting to PHP6.45 billion.

Gainers led losers at 115 to 83 while 50 stocks were unchanged.

The peso finished the day little changed to a greenback at 51.16 from last Thursday’s 51.17.

There was no trading last Friday after Malacanang declared it a special holiday to allow Filipino Muslims to celebrate Eid’l Adha or the Feast of Sacrifice.

A trader said investors were a bit wary with the latest missile launch of North Korea but sentiments remained positive.

Thus, the peso opened the week at 51.20 from 51.21 in the previous session. It traded between 51.25 and 51.15, bringing the day’s average to 51.18.

Volume for the day reached USD428.65 million, lower than the USD494.5 million at the end of last week’s trading.

The currency pair is seen to trade between 51.10 and 51.30 Tuesday.