Shares open higher, peso strengthens ahead of Holy Week break


Posted at Apr 10 2017 09:41 AM

MANILA – Shares opened higher on Monday, with investors seen staying on the sidelines during the three-day trading week.

The Philippine Stock Exchange Index was up 0.22 percent to 7,600.30 in early trading. Foreign buying pushed the main index to its best weekly performance for the year last week.

The peso opened at P49.88 against the dollar from P50.08 on Friday last week.

Investors are likely to stay on the sidelines with markets shut on Thursday and Friday for the Holy Week, said 2TradeAsia analyst Justin Tembrevilla.

They will also look for trading cues from more detailed corporate earnings reports due out this week, Tembrevilla told ANC’s “Market Edge with Cathy Yang.”