Strong PH, US economic boost index, peso

By Kris Crismundo

February 8, 2024, 6:45 pm

MANILA – Strong jobs data in the Philippines and healthy earnings for the fourth quarter of 2023 in the US markets boosted the local index and currency on Thursday’s trading.

The Philippine Stock Exchange index (PSEi) completed the week’s trading with gains, with the fresh improvement of 20.12 points in the overall counter to close at 6,850.16.

The broader All Shares also increased by 7.45 points at 3,574.21.

“The 4Q23 earnings season has been stronger than expected, giving investors confidence that the healthy economy could continue driving corporate profits,” Regina Capital Development Corp. head of sales Luis Limlingan said.

“Back home, sentiment got a boost from easing unemployment rate. The latter was reported to have eased to 3.1 percent in December,” Limlingan added.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio, on the other hand, noted that the local bourse even reached the 6,900 level during this day’s trading “but last-minute selling pressure limited gains.”

Sectoral indices were mixed, with gainers led by Financials increasing by 31.08 points to 1,964.93, while Mining and Oil had the steepest drop of 100.51 points to 8,988.38.

Advancers outpaced losers at 106 to 91, leaving 46 firms unchanged.

Meanwhile, the Philippines peso closed sideways but still at the 55-level.

The peso ended the day at 55.91 to a US dollar from 55.95 in the previous trading.

It opened at 55.98 and traded from a low of 55.85 to a high of 56, bringing the average level for the day at 55.92 to the greenback.

The trade volume slipped to USD1.20 billion from USD1.29 billion. (PNA)