Stocks up, peso breaches 56:$1

MANILA, Philippines — The stock market posted slight gains yesterday as it tracked upswing in US markets, while the peso weakened and breached the 56 to $1 barrier.

The Philippine Stock Exchange index inched up by 0.12 percent or 8.34 points to close at 6,856.77.

The broader All Shares finished at 3,572.10, up 0.16 percent or 5.62 points.

Claire Alviar of Philstocks Financial said the local bourse advanced following positive cues from US markets overnight, which was attributed to the decline in US treasury yields.

However, she said investors were also awaiting the decision of the US Federal Reserve on interest rates as well as their policy outlook for the year.

“Philippine investors kept to the sidelines once more as many await the Fed decision on interest rates. Though it is widely expected that the Fed will maintain its key policy rates, analysts will be taking into consideration any rhetoric from officials regarding the timing of the cutting of interest rates and their view on controlling inflationary pressures,” Regina Capital’s Luis Limlingan said.

“Locally economic data remains quiet, as fund managers continue to digest earnings reports and make necessary portfolio adjustments ahead of the quarter end close,” he added.

Total value turnover stood at P8.78 billion. Market breadth was positive as advancers edged out decliners, 101 to 92, while 43 issues were unchanged.

Meanwhile, the peso lost 21 centavos to close at 56.13 from 55.92 last Tuesday. The local currency weakened for the sixth straight trading day to hit its lowest level since closing at 56.20 to $1 on Feb. 29. –  Keisha Ta-asan