Bargain hunting, manufacturing performance lift PSEi; peso weak

MANILA – The local bourse stayed in the green territory on Monday’s trading, thanks to investors looking for cheap shares and manufacturing index of China reported by S&P Global.

The Philippine Stock Exchange index (PSEi) ended the day gaining by 0.53 percent to 6,470.74, with an uptick in broader All Shares by 0.21 percent to 3,471.05 level.

“(I)nvestors continued to hunt for bargains following last week’s market decline near the 6,400-support level,” Philstock Financials, Inc. research associate Claire Alviar said.

“Overseas, China’s strong May factory activity, which expanded at 51.7, its fastest pace in nearly two years and beat estimates, lifted the sentiment in the region, including the Philippines,” Alviar added.

Sectors were mixed, with winners led by Financials, followed by Property and Mining and Oil.

Losers were Services, Holding Firms, and Industrial.

Alviar said net market value turnover amounted to PHP5.18 billion.

Meanwhile, the Philippine peso shed 0.17 to 58.68 to a US dollar from last week’s closing at 58.51 to a dollar.

It opened the day at 58.47 before trading between a low of 58.41 to a high of 58.70 to the greenback.

The total volume of trade stood at USD1.32 billion, lower than the USD1.55 billion in last week’s trading. (PNA)