October 21, 2021

Peso, stocks up ahead of Feds monetary policy symposium

MANILA – The Philippine Stock Exchange index (PSEi) recovered on Tuesday ahead of Federal Reserve Chairman Jerome Powell’s presence at Fed-hosted monetary policy symposium in Jackson Hole, Wyoming, while the peso improved against the greenback. 
The main equities index rose by 1.32 percent, or 87.15 points, to 6,678.82 points.
All other indexes tracked the main gauge, with the All Shares up by 0.83 percent, or 33.92 points, to 4,144.88 points.
The Holding Firms index led the sectoral gauges with a jump of 1.72 percent and was followed by the Industrial, 1.43 percent; Property, 1 percent; Mining and Oil, 0.90 percent; Financials, 0.89 percent; and Services, 0.37 percent. 
Volume totaled 2.68 billion shares amounting to PHP5.53 billion. 
Advancers led decliners at 106 to 83, while 54 shares were unchanged. 
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed PSEi’s recovery to investors’ risk-on sentiment ahead of Fed chairman Jerome Powell’s appearance at the Jackson Hole monetary policy symposium. 
“Investors are also betting that Powell will turn more dovish than earlier thought, and worries over the Delta variant were shown aside,” he said. 
Meanwhile, the local currency appreciated to the US dollar after closing the day’s trade at 50.116 from 50.27 on Monday. 
It opened the day at 50.16 and traded between 50.24 and 50.06. 
Average level for the day stood at 50.159. 
Volume reached USD967 million, higher than the previous session’s USD717.65 million. (PNA)

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