Local shares mirror upbeat US markets, rosy BPO outlook; strong peso

By Kris Crismundo

January 23, 2024, 8:00 pm

MANILA – Both local shares and currency improved on Tuesday's trading mirroring upbeat United States markets and supported by the rosy outlook of the Philippine business process outsourcing (BPO) industry.

The benchmark Philippine Stock Exchange index (PSEi) reverted to 6,600 level, gaining by 38.41 points to 6,621.88.

Broader All Shares also improved by 13.74 points to 3,493.56 level.

All counters closed in the green territory, with Property being the biggest winner during this day's trading, gaining by 31.04 points.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said Tuesday's closing level was near six-month highs after the US markets mostly posted new record highs.

Other latest developments that boosted investors' sentiment in the local bourse include a pause in rate hikes and the rosy outlook of the BPO industry.

The Information Technology and Business Process Association of the Philippines (IBPAP) on Monday said full-time employment in the industry will breach the two million mark by 2025.

Gainers outnumbered losers at 100 to 88, leaving 49 firms left unchanged.

Meanwhile, the Philippine peso ended 56.16 to the US dollar, appreciating by 0.17 from a 56.33 close.

It opened the day at 56.35 weaker than Monday's starting level of 55.95.

The currency pair traded between 56.10 and 56.44, bringing the average level for the day at 56.30 to the greenback.

Volume of trade reached USD1.40 billion from USD1.71 billion in last day's trading. (PNA)