Stocks, peso rally on upbeat sentiment

MANILA, Philippines - Share prices continued to climb yesterday, breaching the 7,600 level to close 34.16 points higher at 7,617.91.

The peso was also on an uptrend, appreciating to its strongest level in more than two months amid heavy trading.

The peso breached the 50 to $1 yesterday after gaining 37.5 centavos to close at 49.705 to $1 from Friday’s 50.08 to $1. It opened stronger at 49.88 to $1 and hit an intraday high of 49.7 to $1.

This was the strongest level for the currency in more than two months since closing at 49.69 to $1 last Feb. 6. The peso has been trading above the 50 level since Feb. 16 when the local currency closed at 49.97 to $1.

All sectoral indices ended the day in gains, with property posting the largest increment as is it rose 1.12 percent or 37.24 points to 3,347.64.

A total of 67,712 trades valued at P6.07 billion were made. Volume turnover stood at 1.48 billion.

Gainers outnumbered loses 101 to 88, while 50 remained unchanged – With Lawrence Agcaoili