PSEi sustains rise, peso moves sideways

By Anna Leah Gonzales

January 12, 2024, 6:10 pm

MANILA – The local stock market continued to rebound while the peso moved sideways on Friday.

The Philippine Stock Exchange index (PSEi) gained 29.45 points to close at 6,643.18, and All Shares also went up by 10.85 points to 3,506.61.

"The PSEi continued to gain for the 2nd straight day, up for the 3rd day in 4 trading days, gaining for most days since the start of 2024," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.

Almost all sectors closed in positive territory, led by Holding Firms which gained 59.46 points.

The Mining and Oil index and Financials, however, shed 49.67 points and 7.89 points.

Meanwhile, the peso moved sideways closing at 55.911 to a US dollar on Friday from the previous day's 55.95 finish.

It opened the day at 56.03 and traded between 55.87 and 56.075.

The weighted average for the day stood at 55.984.

The total volume of trade went down to USD1.6 billion from Thursday's USD1.9 billion. (PNA)