The Stocks 500 index rises ahead of the Fed’s FOMC meeting, but the peso falls
The local stock index climbed on Tuesday as investors took a wait-and-see approach ahead of the Federal Open Market Committee’s (FOMC) meeting on June 15-16, while the peso fell versus the dollar.
The Philippine Stock Exchange index (PSEi) rose 0.86 percent to 6,976.73 points, an increase of 59.24 points.
The Dow Jones Industrial Average rose 0.75 percent, or 31.52 points, to 4,222.88.
Industrials gained 2.10 percent, Mining and Oil gained 2.05 percent, Holding Firms gained 1.33 percent, Property gained 0.76 percent, and Services gained 0.15 percent throughout the day.
Only the Financials index, which fell 0.35 percent, finished the day in negative territory.
The entire volume was 5.13 billion shares worth PHP8 billion.
At 106 to 101, advancers outnumbered decliners, with 59 shares remaining unchanged.
“Ahead of the Fed meeting this week, the PSEi surged closer to the 7,000 mark once again, while others kept an eye on the number of Covid-19 (coronavirus disease 2019) cases locally and globally,” Regina Capital Development Corporation head of sales Luis Limlingan said.
Investors are anticipating “some tapering by the US Fed,” he added.
In the meanwhile, the peso fell to 48.03 from 47.89 the day before.
Its weakness was evident early on, as it started the day’s trading at 47.9, down from 47.75 the day before.
It fluctuated between 48.077 and 47.89, resulting in a 47.962 average.
The overall volume was USD1.16 billion, up from USD1 billion the day before.