2023 earnings, foreign buyers lift PSEi as peso strengthens

By Kris Crismundo

February 21, 2024, 7:08 pm

MANILA – Results of the 2023 earnings of listed firms and activities from foreign buyers lifted the local bourse on Wednesday, while the peso also strengthened finishing at 55-level.

The Philippine Stock Exchange index (PSEi) improved by 42.70 points to 6,897.36, with All Shares closing higher by 18.40 points at 3,600.10.

Counters were mixed, with the biggest gains recorded by Property, increasing by 1.89 percent; while the steepest drop came from Services, declining by 1.69 percent.

“The possible interest rate cut by the BSP (Bangko Sentral ng Pilipinas), coupled with their strong 2023 earnings result so far, are boosting investors’ sentiment in property stocks,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.

“Moreover, foreign investors have been consistently participating in the market, recording a net foreign buying of PHP505.86 million for the day. This positive trend has persisted since the beginning of February, establishing foreigners as net buyers,” Alviar added.

Net market value turnover during the day registered at PHP4.20 billion.

Meanwhile, the peso closed sideways at 55.94 to the US dollar from a 56.03 finish on Tuesday.

It opened the day at 55.99 from last day’s kick-off of 56.09.

The currency pair traded between 55.90 and 56.10, bringing the average level for the day to 56 against the greenback.

Foreign exchange volume rose to USD1.29 billion from USD1.14 billion during the previous trading. (PNA)