malaysiang
Manila – The Philippine Stock Exchange index (PSEi) experienced a significant rally on Tuesday, buoyed by a decline in oil prices, while the peso closed nearly flat against the U.S. dollar.
According to Philippines News Agency, assistant research manager at Philstocks Financial, Inc., the PSEi gained 40.07 points (0.64 percent) to close at 6,309.57. This increase was attributed to lower oil prices following a temporary truce between Israel and Hamas and the potential cut in oil supply by OPEC+. Alviar noted that the easing of oil prices could support the growth of the Philippines, especially in the last quarter of the year. The session also saw net foreign buying worth PHP657.70 million, contributing to the market’s uplift.
The All Shares index also rose by 10.48 points, with most sectoral indices showing positive gains. The Property sector led the gains with an increase of 90.30 points, followed by Holdings Firms, which rose by 31.34 points. The Mining and Oil and Financial sectors also saw gains of 20.67 points and 0.53 points, respectively. However, the Services and Industrial sectors experienced declines.
The trading volume reached 382.7 million shares, amounting to a total value of PHP5.3 billion. The market saw 106 losers and 79 gainers, with 39 shares remaining unchanged.
The peso, on the other hand, closed at 55.4 to a dollar, showing little change from Friday’s closing of 55.38. The currency traded between 55.4 and 55.52 throughout the day, resulting in an average of 55.459. The trading volume increased to USD1.2 billion from USD1.1 billion on Friday.
