Shares, peso bounce back

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  • Local shares wiped out Monday’s losses yesterday amid developments abroad while the peso closed slightly stronger.

    The Philippine Stock Exchange index jumped by 1.4 percent or 102.87 points to 7,451.08.

    “Philippine shares staged a rally with the Brexit vote postponed and US stocks recovering from an early rout,” Luis Limlingan of Regina Capital said.

    The broader all shares index was up 37.59 points to 4,478.73, or a 0.85 percent increase.

    Gainers edged losers 106 to 75 with 53 stocks unchanged.

    Trading turnover reached P4.72 billion.

    Counters were mixed, with four ending in the green and two ended in negative territory.

    Holding firms led those in the positive closing 1.96 percent higher, while services suffered the biggest loss with 0.47 percent decline.

    “So far, the PSEi is still trading within our uptrend range as the major support is still far below at 7,117, -4.5 percent away from the last close. We notice that volume turnover has been at a decline since the beginning of December, more than halving from P10 billion to just P4.4 billion presently. As we approach the holidays, we may be seeing more funds turn coy and expect weak trading activity moving forward, “ Arbee Lu of Papa Securities said.

    The peso opened slightly weaker at 52.83 to the dollar after the trade data was released, compared the 52.80 close the previous day. The currency closed at 52.77.

    The peso hit a high of 52.76 and a low of 52.91. Trading volume amounted to $906 million.

    (Malaya)

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