Philippine Peso Stays Strong in Currency Market

Local stock prices remained generally up Tuesday amid the continued uncertainties in the global economy and anticipation on the results of the upcoming European leaders’ summit.

The composite index bucked trends overseas as it rose by 26.64 points, or 0.52 percent, to 5,193.84 points from the previous day’s 5,167.2 points.

The broader all shares index also went up by 9.85 points, or 0.29 percent, to 3,411.45 from Monday’s 3,401.6 points.

More indices registered declines in the afternoon trade, which resulted in half of the sectoral indices ending the day on the red.

Those that posted gains included the industrial, holding firms and services while the financials, mining and oil and property pulled back.

Value turnover amounted to P4.82 billion after 1.44 billion shares changed hands.

Losers gained traction in the second half of the day at 80 against the 76 gainers while 42 shares were unchanged.

European leaders will meet in a two-day summit in Brussels this week, the 20th time since the euro debt crisis started in Greece in 2010, to discuss how to address the region’s situation.

Relatively, the peso strengthened against the dollar and gained 17 centavos after closing at 42.47 from Monday’s 42.64 finish.

It started the day at 42.55, strengthened to 42.46 but dipped to 42.58, resulting to an average of 42.50.

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