Stocks rise, peso weakens back to 61:$1 level

MANILA, Philippines — Shares opened the week on a positive note, inching closer to the 6,000 level as investors selectively picked up stocks, while the peso weakened back to the 61-per-dollar territory amid lingering market uncertainties.

The benchmark Philippine Stock Exchange index (PSEi) yesterday rose by 0.43 percent or 25.88 points to settle at 5,986.85.

The broader All Shares index also inched up by 0.45 percent or 15.06 points to close at 3,388.43.

Regina Capital Development Corp. head of sales Luis Limlingan said investors started yesterday looking for new shares to buoy their portfolio. However, they started selling off in the afternoon after seeing more financial results arrive, leading them to become more selective.

“The PSEi ended in green, recovering from Friday’s decline as strong buying momentum during the morning session lifted the market. However, the gains were tempered by some profit-taking in the afternoon,” Limlingan said.

“Investors remained selective as more companies continued to release their first quarter earnings report,” he added.

Further, the PSEi saw P5.43 billion worth of shares change hands. Losers outnumbered the winners, 100 to 91, while 73 issuers were unchanged.

Logistics giant ICTSI was the most actively traded stock yesterday, gaining 1.3 percent to P780 a piece.

Meanwhile, the peso weakened anew yesterday, returning to the 61-per-dollar territory as external pressures continued to weigh on the local currency.

Data from the Bankers Association of the Philippines showed the peso closed at 61.15 per dollar, weaker by 53.7 centavos from Friday’s 60.613 finish. Still, this was better than the all-time low of 61.567 rate on April 29.

Trading volume declined by 20.8 percent to $1.51 billion from $1.91 billion in the previous session.