MANILA – The local stock market sustained its rally at 6,700 level on Monday, while the peso fell after returning to 55-level in the last trading day.
The benchmark Philippine Stock Exchange index (PSEi) improved 20.97 points to 6,728.22, with broader All Shares also gaining by 8.32 points to 3,525.14 level.
“Investors expect that the January inflation rate would slow down compared to the prior month as well as to the same month in 2023, which boosted the sentiment. Moreover, the performance of the US (United States) markets last Friday amid the good earnings report helped in lifting the market,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.
Sectoral indices were mixed, with winners led by Industrial, along with Services and Property.
Mining and Oil recorded the steepest fall in shares followed by Holding Firms and Financials.
“(M)arket participation was weak, registering a net value turnover of PHP3.87 billion only,” Alviar added.
Despite the overall increase, decliners outnumbered advancers at 101 to 81, leaving shares of 52 firms stable.
Meanwhile, the peso finished Monday weak to 56.29 to a US dollar from a close of 55.92 last week.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the US dollar strengthened after the US Federal Reserve System Chairman Jerome Powell’s statement that a rate cut is unlikely as early as next month as well as the higher-than-expected jobs data in the US.
The currency pair opened the day at 56.1 and traded within a range of 56.10 to 56.32 to the greenback.
The weighted average level for the day stood at 56.24 to a dollar.
Volume of trade also dropped to USD1.08 billion from USD1.6 billion last week. (PNA)
