The local stock market inched up yesterday as investors waited for the Philippine economy’s second quarter data scheduled for release today.
The Philippine stock exchange index was up 0.45 percent or 28.74 points, closing at 6,434.24.
The broader all shares likewise rose 16.67 points or 0.49 percent.
“Philippine shares traded higher as the local market awaits the release of the country’s 2Q22 GDP figures on Tuesday, August 9,” Luis Limlingan, managing director at Regina Capital and Development Corp., said.
“Earlier this morning, the latest unemployment figures were released, holding steady at 6 percent,” he added.
Majority of the counters were in green, with the exception of mining and oil and property which shed 1.76 percent and 0.74 percent, respectively.
Financials posted the biggest gain for the day with an increase of 1.11 percent.
Total value turnover was at P7.91 billion.
Advancers beat decliners, 113 to 55, while 55 stocks were unchanged.
The peso closed slightly weaker to 55.55, its opening rate, from 55.2 on Friday.
The currency hit a high of 55.72 and a low of 55.45
Total volume amounted to $886.97 million.
Most Asian currencies weakened on Monday after a robust US jobs report bolstered the dollar, while the Chinese yuan steadied after weekend data showed the country’s exports unexpectedly picked up speed in July.
The yuan traded flat for most parts of the session, with some inclination towards upward movement, and equities in Shanghai gained 0.3 percent, while the Thai baht led losses among broadly weaker Asian currencies, skidding 0.8 percent.
US payrolls data on Friday defied recession fears as jobs growth unexpectedly surged in July, bolstering the case for more super-sized interest-rate hikes by the Federal Reserve and, in turn, sending the dollar soaring.
The dollar built on the strong gains made after the jobs report and riskier Asian currencies came under pressure.
The risk-averse sentiment in Asia also plagued equity markets, with stocks in Kuala Lumpur and Singapore falling 0.7 percent and 0.8 percent, respectively. Equities in Seoul and Mumbai reversed early losses to gain 0.1 percent and 0.5 percent, respectively.
