By Joann Santiago
MANILA, Sept 2 (PNA) — A play of anticipations for a possible cut in the European Central Bank’s (ECB) key rates and the political worries in China among others buoyed the Philippines’ stock exchange but was a disadvantage to the peso Tuesday.
The Philippine Stock Exchange index (PSEi) sustained its rise after gaining 0.33 percent or 23.07points to 7,106.56 points.
Most of the sectoral indices also posted gains led by the holding firms with 0.65 percent or 40.23 points to 6,261.67 points.
Only the mining and oil index ended the day on the red with 0.47 percent or 82.35 points to 17,605.21 points.
Trading was robust after reaching 2.65 billion amounting to P9.7 billion.
Gainers led losers at 106 to 74 while 42 were unchanged.
On the other hand, the peso shed P0.10 and finished the day at 43.57 from 43.47 a day ago.
This was attributed to the worries overseas even as some investors project inflows to emerging markets like the Philippines to increase if the ECB slash its key rates to support domestic growth.
The peso started the day at 43.51, way better than the 43.65 a day ago.
It further improved to 43.48 but dipped to 43.64 mid-trade.
This brought the day’s average to 43.57, sideways compared to the 43.55 Monday.
Volume of trade surged to USD 1.17 billion from the USD 787 million in the previous trading. (PNA)