Stocks up but peso rallies after hitting P53.54:$1

July 24, 2018

Philippine stocks gained but the peso touched near 12-year lows before rallying on Tuesday.

The peso opened at a low of P53.54 against the US dollar but closed at P53.42. Volume reached $668.1 million.

The Philippine Stock Exchange index closed at 7,447.02, up 70.32 points. In the broader market, there were 107 gainers, 92 decliners and 43 unchanged.

Volume rose to 2,65 billion worth P4.4 billion from Monday's 657.02 million valued at P5.08 billion. Foreigners were net sellers, with P2.54 billion sold and P2.5 billion bought.

Most active shares were led by Metrobank, up 0.14 percent, to P73; Ayala Land, up 0.77 percent to P39 and Meralco, up 3.35 percent to P370. DMS