PSEi rallies to 6,800-mark, peso strengthens to 55-level

By Kris Crismundo

February 7, 2024, 7:48 pm

MANILA – Both the local shares and currency strengthened on Wednesday’s trading as the government reported that the unemployment rate further eased to 3.1 percent in December 2023.

In its fourth day rally, the Philippine Stock Exchange index (PSEi) hit 6,830.04, gaining 74.78 points.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the stock market’s closing this day is one of the “new highs in nearly a year or since February 13, 2023 on a closing basis; after the best employment data in nearly two decades or since revised records started in 2005; and also a day after the latest easing in the Philippine headline inflation data to 2.8 percent year-on-year."

All Shares also improved by 27.71 points to 3,566.76 level.

All counters closed with gains, except for Mining and Oil, which finished lower by 54.83 points to 9,088.89.

The net market value turnover further increased to PHP6.13 billion on this day’s trading.

Gainers led losers at 112 to 80, leaving 49 issues unchanged.

Meanwhile, the peso appreciated on Wednesday, bouncing back to the 55-level.

The local currency closed at 55.95 to a US dollar from the previous day’s 56.20 finish.

The peso opened the day strong at 56.08 from Tuesday’s kick-off at 56.37 to the greenback.

The exchange rate between the currency pairs ranged from 55.95 to 56.12, with the average level stood at 56.03 to a dollar.

Trade volume slightly increased to USD1.29 billion from USD1.26 billion on Tuesday. (PNA)