MANILA – Local shares improved on Tuesday following the upbeat employment market, while the peso touched the PHP56 level to a US dollar, the weakest in almost a month.
The Philippine Stock Exchange index (PSEi) finished the day slightly gaining 9.30 points at 6,618.52, with the broader All Shares also up by 4.17 points at 3,503.68.
The PSEi gained after the government reported that the unemployment rate in November 2023 stood at 3.6 percent.
“The labor data for the month of November was also cheered by many as it showed strong figures with the employment rate rising to 96.4 percent from the preceding month’s 95.8 percent,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
Plopenio said investors also took positive cues from Wall Street overnight amid the decline in the United States’ long-term treasury yields.
“The local bourse was in the positive territory for the whole session. Heavy selling occurred before the closing bell, however, trimming the gains,” he said.
Only Financials and Property closed with gains, which shares were higher by 19.94 and 18.58 points, respectively.
Among losers, the Mining and Oil counter had the steepest fall of 116.95 points.
Advancers led the decliners at 81 to 76, leaving 67 firms unchanged.
“Market participation improved with a net value turnover of PHP5.26 billion. Foreigners were net buyers with net inflows amounting to PHP915.94 million,” the market analyst added.
Meanwhile, the peso weakened to 56.01 versus a US dollar on Tuesday, losing 0.32 to the greenback.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said this was the peso’s weakest rate in nearly a month.
The last time the peso touched the 56-mark was on Dec. 13, 2023.
The peso started the day weak at 55.73 from its Monday opening of 55.50.
The currency pair traded between a high of 56.09 to a low of 55.64, bringing the average level for the day at 55.83 to a dollar.
Trade volume surged to USD2.22 billion from previous day’s level of USD1.54 billion.
“For tomorrow, the peso exchange rate could range 55.90 to 56.10 levels,” Ricafort said. (PNA)
