STOCKS UP. The Philippine Stocks Exchange index gains 68.19 points on Thursday (Feb. 29, 2024). The peso, meanwhile, closed flat at 56.2 to a dollar from the previous day's 56.25. (PNA file photo)
MANILA – The local stock market continued to recover while the peso moved sideways on Thursday.
The Philippine Stock Exchange index (PSEi) went up by 0.99 percent, closing at 6,944.71, while All Shares likewise rose 0.48 percent to 3,609.06.
Most of the sectoral gauges closed in the green – Holding Firms, 1.61 percent; Financials, 2.13 percent; Industrial, 0.98 percent; and Services, 0.15 percent.
Mining and Oil, and Property, however, slipped by 0.44 percent and 1.42 percent, respectively.
"This Thursday, the local market rose by 68.19 points (0.99 percent) to 6,944.71. This is as investors continue to appreciate the Q4 2023 (fourth quarter 2023) earnings reports as many have posted better results compared to the preceding year," Philstocks Financial Research and Engagement Officer Mikhail Plopenio said.
"Many funds also adjusted their portfolios ahead of the effectiveness of the MSCI (Morgan Stanley Capital Internationa) rebalancing, boosting the market’s liquidity."
He said foreign funds also gave the bourse a lift as foreigners were net buyers with net inflows amounting to PHP436.39 million.
Decliners led advancers at 107 to 81, while 41 shares were unchanged.
Meanwhile, the peso moved sideways, closing at 56.2 to the US dollar from Wednesday's 56.25.
It opened the day at 56.22 and traded between 56.12 and 56.23.
The weighted average for the day was 56.174.
Total volume went up to USD1.28 billion from USD1.11 billion the previous day. (PNA)
