PSEi marches closer to 6,700

The local currency’s strength against the US dollar fueled investors on Tuesday, pushing the bourse closer toward 6,700.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) gained 0.56 percent, or 37.08 points, to 6,650.44.

The broader All Shares Index likewise rose by 0.32 percent, or 11.46 points, to 3,610.

A total of 607.05 million shares worth P4.98 billion changed hands as foreigners made net purchases worth P121.63 million, stock exchange data showed.

READ: PSEi down amid interest rate vigil

This came as the Philippine peso closed at 56.96 against the greenback on Tuesday, its strongest closing in almost four months.

Japhet Tantiangco, research manager at Philstocks Financial Inc., said investors also took in the first-half earnings results of listed firms.

Among the companies that reported earnings on Tuesday were PLDT Inc., which was among the most actively traded stocks as profits remained stable, LT Group Inc., Filinvest Land Inc., and Cosco Capital Inc.

Property firms led the gainers with a 1.69-percent rise, while mining companies saw the steepest drop at 1.09 percent.

International Container Terminal Services Inc. was the top-traded stock as it gained 0.55 percent to P367 per share.

It was followed by BDO Unibank Inc., down 0.43 percent to P139; Universal Robina Corp., down 3.81 percent to P96; Manila Electric Co., up 2.46 percent to P399.60; and DigiPlus Interactive Corp., which surged 5 percent to P18.90.

GT Capital Holdings Inc. climbed by 4.73 percent to P620; JG Summit Holdings Inc., down 4.17 percent to P24.15; SM Investments Corp., up 1.10 percent to P920; PLDT, up 0.38 percent to P1,600; and Ayala Land Inc., up 2.33 percent to P30.80 each.

Losers outnumbered gainers, 100 to 81, while 64 companies closed unchanged. —Meg J. Adonis