The local stock market bounced back from the previous day’s loss on the back of a stronger peso.
The main index added 44.45 points or 0.66 percent to close at 6,724.82 with the Mining sector leading the advance while Banks lagged behind. Volume was still strong at 783 million shares worth P8.54 billion but losers beat gainers 97 to 88 with 59 unchanged.
“Philippine shares once again crossed over the 6700 level to close in the green, with investors reportedly reacting to developments in Syria while the Philippine peso strengthened to close below 58.00,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that "US equities experienced a pullback on Monday as investors awaited key inflation data to be released later this week. The November consumer price index, scheduled for Wednesday, is anticipated to show a modest rise in inflationary pressures."
Philsrtocks Financial Research Manager Japhet Tantiangco said "the market’s sideways trading for the day ended in the positive territory on the back of last minute bargain hunting."
"Investors also cheered the Chinese government’s announcement, saying that they would ramp up policy support for China’s economy," he noted.