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PH stocks recover, close above 6,000 on stronger peso

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Philippine rebounded Tuesday to close above the 6,700 level on continued strengthening of the peso against the US dollar and positive developments

overseas.

International Container Terminal Services Inc. rose 2.48 percent to P404.80. The share price of AREIT declined 4.17 percent to P37.95, after Ayala Land Inc. reported Tuesday it sold 75 million common shares in AREIT via an overnight placement at P37 apiece. The remarks, reported by state news agency Xinhua on Monday, represented a move away from their previous “prudent” approach, sparking hopes for more rate cuts and the freeing-up of more cash for lending.

Data on Tuesday showing November exports grew less than forecast and imports unexpectedly fell reinforced the need for more help for the economy. However, Hong Kong ended down and Shanghai gave up most of its gains by the end of the day, with analysts remaining cautious after a string of previous announcements fell short of expectations or lacked detail.

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