MANILA – The Philippine Stock Exchange index (PSEi) started the year with gains on positive sentiment on inflation, while the local currency depreciated on the first day of trading of 2024.
The PSEi closed Tuesday surging by 104 points, or 1.61 percent, to 6,554.04, with All Shares also increasing by 41.38 points to 3,465.97 points.
Philstocks Financial, Inc. Claire Alviar said the local bourse’s gain during the day was fueled by the expectation for easing inflation rate in the country.
“The possibility that inflation rate would settle within the 2 (percent) to 4 percent target of the government in December lifted market sentiment,” she said. “Investors were also waiting for some economic data set to be released this week, including the S&P Global Philippines Manufacturing PMI, and labor force survey.”
Four sectoral indices closed in the green territory led by Holding Firms, which rose 217.37 points, followed by Industrial (+85.71 points), Services (+37.45 points), and Financials (+7.73 points).
The day’s losers were Mining and Oil, down by 114.50 points, and Property, down by 19.33 points.
“The net market value turnover stood at PHP3.47 billion,” Alviar added.
Advancers outnumbered decliners at 100 to 77, leaving 47 unchanged.
Meanwhile, after finishing 2023 strong, the Philippine peso depreciated at the start of 2024.
The local currency lost 0.30 to the US dollar, closing at 55.67 from its 55.37 finish on Dec. 29, 2023, the last trading day of last year.
The peso opened the day at 55.45 and traded between 55.44 and 55.67.
The average level for the day stood at 55.54 to the greenback.
The volume of trade on Tuesday reached USD1.26 billion, lower than the USD1.32 billion on the last trading day of 2023. (PNA)
