The peso and the stock market started the week on a positive note, the former strengthening by three and a half centavos to P57.675 against the dollar and the latter surging by 140.89 points, or 2.13 percent, to end the day at 6,769.64.

The broader All Shares index likewise increased, by 1.45 percent, or 50.53 points, to 3,543.28.

The peso opened trading at P57.75:$1 and ranged from P57.6 to P57.77. Volume reached P1.456 billion, slightly lower than the P1.686 billion in the previous session.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the currency slightly gained after monetary authorities signaled that they would act against unnecessary foreign exchange movements.

He added that reduced tensions in the Middle East also contributed to the latest exchange rate.

Philstocks Financial Inc. research associate Claire Alviar, meanwhile, said traders continued to "hunt for bargain stocks."

"The positive cues from the US markets last Friday and the easing tensions in the Middle East contributed to the market's gain," she added.

Market participation remained weak, resulting in a net value turnover of P4.68 billion.

Except for mining and oil, which fell by 0.81 percent, all other sector indices ended in the green. Financials gained the most by 2.89 percent.

Advancers outnumbered decliners, 120 to 74, while 49 were unchanged.

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