MANILA – Local stocks recovered yesterday after days of correction while the peso moved sideways against the dollar.

The composite index gained by 0.58 percent, or 32.73 points, to end the morning session at 5,656.58 points from day-ago’s 5,623.85 points.

The broader all shares index was flat at 3,640.94 points, up 0.02 percent or 0.57 points, over Monday’s 3,640.37 points.

Only the financials contracted among the sectoral indices at 1,490.94 points, down by 0.34 percent or 5.14 points from a day-ago’s 1,496.08 level.

Value turnover reached P6.25 billion after 1.56 billion shares changed hands.

Losers continue to edge gainers at 81 to 62 while 50 stocks were unchanged.

Active stocks were led by Metrobank, Ayala Corp., BDO, RFM, Meralco, SM Prime, Ayala Land, Bloomberry, PLDT, and SMIC.

Relatively, the peso continued to trade sideways against the US dollar.

It opened the day at 41-flat from day-ago’s 41.04.

Its opening level is the local unit’s strongest trade in the first half of the day while weakest was at 41.06 bringing the average in 41.04.

Volume of trade amounted to $432.5 million.*PNA

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