Bargain hunting sustained the rise of the Philippine Stock Exchange index (PSEi) to the 6,000-level on Monday, Nov. 24, and the peso finished the week’s first trading day sideways against the greenback.
The main stocks gauge rose 0.41 percent to 6,021.59 points, and broader All Shares by 3.41 percent to 3,535.18 points.
Most of the sectoral indices also finished the day up, namely Industrial, 1.33 percent; Property, 1.27 percent; Holding Firms, 1.09 percent; and Mining and Oil, 0.65 percent.
On the other hand, Services slipped by 0.22 percent and Financials by 0.14 percent.
Volume reached 846.2 million shares, amounting to P13.69 billion.
Advancers led decliners at 109 to 72, while 64 shares were unchanged.
“Late day bargain hunting sent the local market higher with sentiment backed by rate cut hopes for both the Federal Reserve and the Bangko Sentral ng Pilipinas,” Philstocks Financial, Inc. said in a market report.
Meanwhile, the local currency ended the day almost flat at 58.87 against the US dollar from its 58.85 close last Friday, Nov. 22.
It opened the day at 58.83, way better than the 59.05 start in the previous session.
It traded between 58.83 and 59.02, bringing the day’s average to 58.91.
Volume reached USD1.17 billion, lower than the previous session’s USD1.68 billion.IMT
