Philippine stocks climb past 6,200; peso dips to P61.49

Philippine shares continued to climb on Monday, as the market remained on a buying spree on the back of positive sentiment with players expecting positive macroeconomic figures to be released later this week.

The Philippine Stock Exchange index (PSEi) gained 35.96 points or 0.58% to close at 6,223.99. The broader All Shares index grew by 18.03 points or 0.53% to 3,388.97.

“The local bourse closed higher, back to the 6,200 level, supported by continued buying interest amid positive market sentiment,” Regina Capital Development Corp. head of sales Luis Limlingan said in a mobile message.

“Investors took cures from reports suggesting a potential easing in June inflation. This encouraged selective accumulation and a generally risk-on tone in the market,” he added.

More than 895.278 million shares, valued at P6.504 billion, changed hands. Advancers led decliners, 100 to 83, while 59 issues were unchanged.

Nearly all sectoral indices closed positively—financials up 1.85%, industrial by 1.18%, holding firms by 1.69%, property by 1.07%, and mining and oil by 0.66%. Services declined by 1.72%.

The Philippine Statistics Authority (PSA) is scheduled to release June inflation figures on Tuesday, July 7. The Bangko Sentral ng Pilipinas (BSP) expects this to settle within the 6.0% to 7.0% range.

The June print will compare with the 6.8% recorded in May, and the 1.4% posted a year ago.

The Philippine peso, meanwhile, shed 7.6 centavos to close at P61.491:$1 against last Friday’s finish of P61.415:$1. — BM, GMA News