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Peso slightly higher; stock market gains on inflation news

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THE peso edged up on Tuesday and the stock market surged in the absence of an October inflation surprise.

The currency strengthened by two and half centavos to P58.315 against the dollar while the benchmark Philippine Stock Exchange index added 121.84 points, or 1.71 percent, to end the day at 7,257.94.The broader All Shares climbed 1.06 percent, or 41.85 points, to 3,993.51.The peso opened at P58.43:$1 and ranged from P58.3 to P58.455. Volume reached P1.147 billion, lower than the P1.176 billion recorded in the previous session.Rizal Commercial Banking Corp.

Still, the day's trading was said to be 'tepid' as net value turnover stood at P4.39 billion, lower than the year-to-date average of P5.16 billion.'Foreigners were still net sellers with net outflows amounting to P58.20 million,' Tantiangco said.Regina Capital Development Corp. Managing Director Luis Limlingan said that 'Philippine shares made a huge comeback as the October CPI came in within expectations at 2.

 

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