The peso-dollar rate was unchanged on Tuesday while the stock market bounced back on bargain hunting.
The currency, which opened at P57.97:$1 and ranged from P57.9 to P58.03, again closed at the P58.01 per dollar rate hit a day earlier.
Volume dropped to P1.172 billion from P1.328 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the steady global oil prices had buoyed the peso and that sentiment was also supported by new laws that are expected to boost Philippine economic growth.
The benchmark Philippine Stock Exchange index (PSEi), meanwhile, added 44.25 points, or 0.66 percent, and ended the day at P6,742.82.
The broader All Shares edged up 8.69 points, or 0.23 percent, to 3,785.80.
Philstocks Financial Inc. 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 … that they would ramp up policy support for China’s economy,” he added.
“Foreigners were net buyers with net inflows amounting to P1.34 billion, helping in the market’s climb.”
Net value turnover was P5.30 billion, higher than the year-to-date average of P5.17 billion.
All sector indices but one closed in the green with mining and oil up the most by 1.32 percent. Financials was the sole decliner, shedding 0.40 percent.
On a company basis, decliners outnumbered gainers, 97 to 88, while 59 were unchanged.
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