Stocks, peso rebound on positive economic outlook

By Kris Crismundo

January 11, 2024, 8:01 pm

MANILA – The local stock barometer and currency rebounded on Thursday following the positive outlook on the domestic economy for 2024.

The benchmark Philippine Stock Exchange index (PSEi) bounced back to 6,600 level after gaining 67.62 points to close at 6,613.73.

The broader All Shares also improved by 26.12 points to 3,495.76 level.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the local market took “positive cues from Wall Street overnight as investors positioned ahead of the December US inflation report.”

“Also, the World Bank’s projection that the Philippines will be one of the fastest-growing economies in Southeast Asia this 2024 was cheered by many,” Plopenio added.

World Bank forecast that Philippine gross domestic product (GDP) for 2024 and 2025 will grow by 5.8 percent.

All counters closed in the green territory except for Services, which declined by 9.02 points.

“Net market value turnover for today stood at PHP4.92 billion, better than the average of the first few days of this month which is at PHP4.13 billion. Foreigners were net buyers with net inflows amounting to PHP647.27 million,” Plopenio said.

Gainers led losers at 100 to 67, leaving 51 unchanged.

Meanwhile, the Philippine peso also appreciated by 0.32 to 55.95 from 56.27 to the US dollar.

It opened weaker at 56.20 compared to Wednesday’s kick off at 56.15.

The currency pair traded between 55.93 and 56.22, with weighted average level for the day at 56.12 to the greenback.

Trade volume declined to USD1.91 billion from Wednesday’s USD2.55 billion. (PNA)