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On Tuesday’s trade, the local stock market index ended higher while the peso’s value against the US dollar declined.

PSEi gained 23.87 points, or 0.37 percent, to close the day at 6,564.90 on the Philippine Stock Exchange.

According to Claire Alviar, research assistant manager at Philstocks Financial Inc., the local stock exchange increased in value alongside its Asian counterparts after China relaxed its coronavirus disease 2019 (Covid-19) quarantine requirements. This improved sentiment throughout Asia as it may increase demand in the region.

“China declared that it will stop imposing quarantines on incoming passengers on January 8 of the next year and lowered Covid from a stringent Category A to a less stringent Category B, signifying an end to its zero-Covid policy. We anticipate that China’s consumer demand will increase if its restrictions are loosened, which will benefit our exports, she said.

Additionally, every stock rose 8.95 points to 3,441.42.

Holding Firms led the way with a gain of 57.55 points to 6,501.19, leading four counters to a positive day-end.

The property was next, rising by 26.29 points to 2,902.63; Industrial was third, rising by 4.38 points to 9,365.09; and Services was fourth, rising by 1 point to 1,607.33 from last week’s trading.

At 97 to 88, those who advanced exceeded those who fell, and 42 were unchanged.

The value of the traded shares was PHP2.89 billion.

The Philippine peso, on the other hand, finished the day down at 55.90 to the US dollar, down 0.75 from the trading on December 23.

Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), characterized Tuesday’s depreciation of the peso as a “good technical correction” following the lengthy Christmas holiday weekend and the ultimate conclusion of the associated holiday-related expenditure.

To prepare for the lengthy New Year’s holiday weekend, Ricafort said there might be another round of increased holiday-related spending, but to a lower amount.

The peso started the day at 55.15 and fluctuated during the day between 55.15 and 55.93, averaging out at 55.39 to a dollar.

From Friday’s USD1.02 billion, total peso-dollar trading totaled USD813.27 million.

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