Stocks edge up in quiet trade

Manila, Philippines – Philippine shares moved by a tad in quiet trade on Tuesday as the back-to-back storms and monsoon kept investors on the sidelines.

The Philippine Stock Exchange index (PSEi) edged up by just 0.05 percent, or 2.95 points, to 6,355.69, while the all shares index added 0.10 percent, or 3.76 points.

Four out of six counters were in the green, with mining and oil stocks rebounding after a weak showing at the start of the week.

“Sentiment showed slight improvement despite lower than usual market volume,” brokerage house Regina Capital said in a note.

At least one billion shares changed hands in thin trade valued at P5 billion. The ratio between advancers and decliners was almost even.

The peso, meanwhile, strengthened by 12 centavos against the greenback to close trade at P57.05 per dollar. Classes and work in government offices have been suspended since Monday as the storm and southwest monsoon flooded most sections of the city capital and several areas in Luzon.

Business News Anchor Lois Calderon contributed to this story.