MANILA — Philippine stocks ended the week’s first trading day on a positive note while the peso finished flat against the US dollar despite uncertainties because of the coronavirus disease 2019 (Covid-19) pandemic.
The Philippine Stock Exchange index (PSEi) gained 4.19 percent, or 223.84 points, to 5,570.81 points.
All Shares rose 3.10 percent, or 101.09 points, to 3,360.75 points.
Industrial posted the highest increase among the sectors with 6.72 percent and was trailed by the Services, 6.10 percent; Holding Firms, 4.10 percent; Property, 2.61 percent; Financials, 1.73 percent; and Mining and Oil, 0.85 percent.
Volume reached about 757 million shares amounting to PHP4.86 billion.
Advancers led decliners at 119 to 76, while 41 shares were unchanged.
“Local shares climbed as the Eurozone epicenter cases declined, signaling the possibility of some stability in the spread of the disease,” Regina Capital Managing Director Luis Limlingan said.
Spain registered the highest number of Covid-19 cases in Europe with 135,032, surpassing Italy’s 128,948.
He said deaths from both countries, including that of France, went down on Sunday.
However, Limlingan cited that “Sweden is bracing for thousands of deaths, Dubai expanded limits on movements, and a quarter of French workers are now getting jobless benefits.”
To date, Covid-19 cases have risen to about 1.28 million around the world.
He said oil prices went down on news that members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners in the OPEC+ decided to delay price war discussions meeting on disagreement on oil price collapse responsibilities.
“The meeting is tentatively rescheduled for April 9,” he added.
Meanwhile, the peso ended the day flat at 50.72.
It started the day also at 50.72, sideways from its 50.78 start Friday last week.
It traded between 50.85 and 50.65, resulting in an average of 50.762.
Volume totaled to USD357.07, higher than the USD270.5 million. (PNA)
Photo Credit: Philippine News Agency