Bargain-hunting backs PSEi; peso closes week sideways 

By Kris Crismundo

November 24, 2023, 8:47 pm

MANILA – The local shares' rally for the third straight day was backed by bargain-hunting activities, while the peso ended the week almost flat. 

The Philippine Stock Exchange index (PSEi) improved by 23.30 points to 6,269.50, with All Shares also increasing by 20.21 points to 3,348.22. 

"Philippine shares traded quietly, however, became bargain hunters as investors were optimistic that the US economy would get a boost following Black Friday," Regina Capital Development Corp. head of sales Luis Limlingan said. 

Sectoral indices were mixed with gainers including Property, Holding Firms, and Services, while loser were Industrial, Mining and Oil, and Financials. 

Despite the overall improvement in the local bourse, decliners outnumbered winners at 94 to 78, leaving 51 firms unchanged. 

Meanwhile, the Philippine peso was almost flat at 55.38 versus a US dollar from the previous day's closing of 55.39. 

It opened the day strong at 55.35 from Thursday's kickoff at 55.45. 

The currency pair traded between 55.30 and 55.49, bringing the weighted average level for the day at 55.41 to the greenback. 

The volume of trade on Friday was higher at USD1.19 billion from the previous day's volume of USD1.07 billion. (PNA)