Stocks up, peso firm

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    The local stock barometer inched up Tuesday tracking developments abroad.

    The benchmark Philippine Stock Exchange index rose 0.17 percent, or 9.86 points to finish at 5,953.44.

    The peso closed at 48.50 to the dollar, its intra-day high, stronger from 48.62 last Monday.

    The currency opened at 48.52, its intra-day low. Trading turnover reached $674.6 million.

    “Local shares traded between negative and positive before settling in the green as news came out that the US said both sides see progress on a Phase 1 with China,” said Luis Limlingan of Regina Capital Development Corp.

    “However, banking giant Morgan Stanley was warning the good times might not last. So few stocks are buttressing the S&P 500’s record-setting rally that the market is vulnerable to shocks, particularly rising rates, equity strategist Mike Wilson wrote,” Limlingan added.

    Counters were mixed, with half of the sectors in the green, with the remaining covered in red.

    The services index was yesterday’s biggest gainer, increasing by 1.36 percent. Others in the positive were industrial and mining and oil, with gains of 0.42 percent and 0.31 percent, respectively.

    Meanwhile, financials took the biggest drop for the day as it fell by 0.5 percent.

    The property index also posted a decline of 0.22 percent, while holding firms posted a minimal dip of 0.01 percent.

    Total value turnover reached P4.56 billion. Decliners toppled advancers, 109 to 84, while 51 stocks were unchanged.