Stocks up on rebalancing; peso ends flat vs. dollar

MANILA – The Philippine Stock Exchange index (PSEi) ended Tuesday higher partly on the main equities gauge’s rebalancing while the peso ended little changed against the US dollar.
The local stock barometer rose by 0.59 percent, or 41.07 points, to 7,065.55 points.
All Shares also increased during the day after it jumped by 0.41 percent, or 17.36 points, to 4,249.93 points.
Half of the sectoral indexes also finished the day up, namely the Holding Firms, 1.48 percent; Services, 0.43 percent; and the Financials, 0.33 percent.
On the other hand, Property fell by 0.43 percent, Mining and Oil by 0.28 percent, and Industrial by 0.27 percent.
Volume totaled 30.44 billion shares amounting to PHP12.27 billion.
Gainers led losers at 127 to 104, while 40 shares were unchanged.
“Local shares closed higher as investors repositioned after the release of the results of the PSEi rebalancing, while others made bets ahead of the MSCI’s decision later,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The PSE earlier announced there would be no changes in the composition of the PSEi but 10 companies will be added to the sectoral gauges and seven will be removed. These changes will take effect on Feb. 15, 2021.
Limlingan added some investors also “became hopeful that the new Covid-19 (coronavirus disease 2019) stimulus (in the US), coupled with further economic recovery would be enough impetus for companies to recover.”
Meanwhile, the peso closed the day sideways against the US dollar at 48.049 from 48.046 a day ago.
It opened the trade at 48.06 and traded between 48.06 and 48.04. Average level for the day stood at 48.045.
Volume totaled to USD357.6 million, lower than the previous session’s USD513.05 million. (PNA)

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