Shares jump to 6,900-level, peso strong at 55 vs. dollar

By Kris Crismundo

February 22, 2024, 7:14 pm

MANILA – The local index finished Thursday on a three-day rally trading above 6,900, while the peso continued to strengthen at the 55-level against the US dollar.

From the previous day’s close, the benchmark Philippine Stock Exchange index (PSEi) only had to improve by 0.08 percent, or 5.79 points to end the day at 6,903.15.

All Shares, likewise, increased by 0.05 percent, or 1.73 points, to 3,601.83.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the recent economic and industry data have supported the local bourse.

Ricafort cited the following factors: the local automotive vehicle industry, which began 2024 with a 15.5-percent growth, faster than the gross domestic product (GDP) expansion; the robust net foreign buying at the local stock market; the stronger currency; and mostly softer US data that could justify possible interest rate cuts by the Federal Reserve System later this year.

Sectoral indices were mixed, with gainers led by Holding Firms improving by 0.67 percent at 6,468.26, while the biggest losses came from the Financials’ counter declining by 0.45 percent to 2,012.85 points.

Net market value turnover for the day stood at PHP4.67 billion.

Advancers outnumbered losers at 98 to 88, leaving 49 unchanged.

Meanwhile, for two straight days, the Philippine peso finished strong at 55.71 against the US dollar during Thursday’s trading.

The peso improved by 0.23 from Wednesday’s close of 55.94 to the dollar.

The local currency opened at 55.95, a little stronger than Wednesday’s kick-off at 55.99.

The currency pair traded between 55.70 and 55.98, bringing the average level for the day to 55.89 to the greenback.

Trade volume slipped to USD1.24 billion from the previous day's trading of USD1.29 billion. (PNA)