Stocks, peso advance as China unrest eases

Stocks extended their rally on Tuesday, sending the benchmark index above the 6,700 mark, while the peso strengthened against the US dollar in line with the movement of regional currencies.

The PSE index, the 30-company benchmark, climbed 99 points, or 1.5 percent, to close at 6,780.78, led by the property subsector.

The broader all-share index also went up 32 points, or 0.9 percent, to settle at 3,513.98 on a value turnover of P23.5 billion. Losers outnumbered gainers, 103 to 88, while 42 issues were unchanged.

Four of the 10 most active stocks ended in the green, led by Ayala Land Inc. which climbed 5.2 percent to P31.50 and SM Prime Holdings Inc. which rose 3.7 percent to P36.40.

Meanwhile, Hong Kong stocks surged Tuesday as fears about unrest in China gave way to hopes authorities will start to roll back some of their tough, economically painful zero-Covid policies.

Asian equities rose and the dollar weakened Tuesday as China avoided another night of protests after a weekend of unrest. The peso closed at 56.56 against the greenback Tuesday, up from Monday’s 56.64. With AFP