Local shares exceed 6,700, peso back to 55-level

By Kris Crismundo

February 2, 2024, 7:20 pm

MANILA – The Philippine Stock Exchange index (PSEi) rebounded on Friday reaching the 6,700-mark, while the local currency returned to 55-level.

The PSEi closed this week’s trading higher by 84.24 points at 6,707.25, with All Shares also going up by 30.79 points at 3,516.82.

All sectoral indices ended on the positive side, except for Property, which declined by 16.54 points to 2,879.82.

The biggest jump in shares was recorded in the Industrial counter, increasing by 157.47 points; followed by Mining and Oil, up by 115.53 points; Holding Firms, up by 59.54 points; Financials, up by 47.35 points; and Services, up by 25.44 points.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the PSEI’s closing this day was near nine-month highs since May 8, 2023.

Ricafort said local shares rebounded on net foreign buying as well as the latest overnight gains in the US stock markets.

Winners outpaced losers at 98 to 76, leaving shares of 56 firms unchanged.

Meanwhile, the Philippine peso returned to the 55-level, ending at 55.92 to a US dollar on Friday.

It gained 0.20 from Thursday’s close of 56.12 to a dollar.

It opened the day at 56.02 from last day’s kick off at 56.25.

The currency pair traded between 55.89 and 56.02, bringing the average level for the day to 55.94 to the greenback.

Trade volume slightly fell to USD1.6 billion from USD1.78 billion in the previous trading day. (PNA)