The peso fell back to the P55:$1 level while the stock market returned to 6,800 territory on Tuesday in a gain that could prove short-lived.The currency weakened by 13 and a half centavos to close at P55.085 against the dollar, a development that Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed to renewed geopolitical risks.The benchmark Philippine Stock Exchange index (PSEi), meanwhile, added 56.84 points or 0.84 percent to close at 6,800.96 as investors hunted for bargains.The broader All Shares followed, gaining 13.86 points or 0.38 percent to settle at 3,621.61.'This session's rally may not be sustainable, especially if the market participation will remain weak,' Philstocks Financial Inc. research associate Claire Alviar said.Net market value turnover on Tuesday was only P3.32 billion.'Chart-wise, our immediate support remains at 6,800 while the resistance is from 7,000 to 7,100,' Alviar added.Ricafort, meanwhile, said the 'PSEi corrected higher after generally better corporate sales and earnings recently as the economy reopened towards greater normalcy.' 'Moreover, NEDA (National Economic and Development Authority) Secretary Balisacan estimated that inflation could have plateaued already in February 2023 as it helped lift market sentiment.''For now, markets are awaiting further progress on the Regional Comprehensive Economic Partnership in the Senate.'The peso opened trading at P54.94:$1 and ranged from P54.91 to P55.10. Volume reached $1.034 trillion, higher than the $717.4 million in the previous session.At the stock market, all sectoral indices except services (down 0.98 percent) closed in the green. Financials gained the most by 1.57 percent.Just 611.2 million shares worth just P3.52 billion changed hands.Decliners edged out advancers, 94 to 79, while 50 securities remained unchanged.
