Stocks climb; peso closes at 57.86 a dollar

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Defining the News

Philippine stocks rebounded Monday, but the peso fell as investors anticipate a slower US inflation rate that may lead the Federal Reserve to cut its interest rates.

Philstocks Financial Inc. research analyst Claire Papa said the local equities recovered following two consecutive days of decline. Papa said investor sentiment was boosted by the strong February foreign direct investments.Foreign direct investments amounted $1.4 billion, up 29.2 percent year-on-year in February, boosting year-to-date FDIs to $2.3 billion.

Meanwhile, Asian equities fluctuated Monday with traders taking a breather after the past weeks’ healthy run as they absorbed weak Chinese data and news that Beijing planned to start selling almost $140 billion of bonds to boost the stuttering economy. That came as the Wall Street Journal reported that the White House is looking at almost quadrupling tariffs on Chinese electric vehicles as part of a plan that will also target batteries and solar cells.

Investors did take some heart after it emerged that Chinese authorities were set to begin selling the first batch of almost $140 billion in sovereign bonds this week to raise cash to boost the economy. The news came after weekend figures showing China’s CPI rose more than expected in April, marking the third straight month of gains and providing some fresh hope for the economy.

 

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