Stocks rise; peso ends flat vs. dollar

MANILA – The Philippine Stock Exchange index (PSEi) rose Monday while the peso ended the day sideways against the US dollar partly on hopes for the stimulus program in the US.

The main equities index inched up by 0.49 percent, or 35.19 points, to 7,281.35 points.

All Shares increased by 0.46 percent, or 19.78 points, to 4,338.51 points.

Most of the sectoral counters tracked the main gauge, led by Financials, which jumped by 1.59 percent.

Mining and Oil followed after rising by 1.13 percent, Industrial by 1.07 percent, Services by 0.57 percent, and Holding Firms by 0.

50 percent.

The Property sector was the sole loser for the day after it lost 0.76 percent.

Volume totaled 46.02 billion shares amounting to PHP8.9 billion.

Gainers led losers at 134 to 75, while 58 shares were unchanged.

“The PSEi kickstarted the week as investors made bets ahead (of) additional fiscal stimulus, the BSP meeting on Thursday, and the continued Christmas rally,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

Meanwhile, the peso ended the day sideways against the greenback at 48.05 from 48.07 Friday last week.

It opened the day at 48.1 and traded between 48.1 and 48.04.

The average level for the day stood at 48.

054.

Volume totaled USD358.8 million, lower than the previous session’s USD540.

85 million.