THE main composite index of the Philippine Stock Exchange advanced Tuesday as US stocks closed higher overnight on trade deal hopes and possible rate cut by the US Federal Reserve.
The peso closed almost unchanged at 56.3 vs the U.S. dollar on Tuesday from 56.33 on Monday.
The Philippine Stock Exchange index increased by 58.91 points or 0.93 percent to close at 6,423.85 while the broader all shares index added 17.69 points or 0.47 percent to 3,799.36.
Analysts said investors are closely monitoring trade deals between US and other countries. Likewise, investors are also becoming more confident about a rate but by US Fed during its next meeting.
“The PSEi resumed its gains after positive sentiment continued on the US global financial marks for the 6h straight day since Trump announced the tentative ceasefire between Israel and Iran,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
Ricafort said the strengthening of the peso against the dollar is also boost investor sentiment.
The holding firms led the sectors, rising by 2.21 percent. Mining and oil also rose 2.18 percent and property by 1.89 percent.
On the other hand, financial declined 0.43 percent and services was down by 0.14 percent.
Trading was strong with value turnover at P7.26 billion.
Foreign investors were net buyers with inflows reaching P969.7 million.
GT Capital Holdings Inc. was the top index gainer, jumping by 5.84 percent to P607.50 while Converge ICT Solutions Inc. was the main index laggard, declining by 3.39 percent to P18.80 each.
