DIFFERENT PATH. The Philippine Stock Exchange index (PSEi) rises on Monday (March 4, 2024) ahead of the release of the February 2024 domestic inflation rate. On the other hand, the peso ended sideways against the US dollar at 55-level. (PNA file photo)
MANILA – The local bourse improved on Monday, a day before the government will report the February 2024 inflation rate, while the peso ended the day sideways against the US dollar.
The benchmark Philippine Stock Exchange index (PSEi) closed Monday up by 0.46 percent, or 32.08 points, to 6,951.67.
The PSEi touched the 7,000 level mid-trade but profit-taking slashed the gains.
“Philippine shares continued to rise as investors made bets ahead of the February Philippine Consumer Price Index which comes out tomorrow, as investors gear for the start of another trading month,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“A poll of 16 analysts yielded a median estimate of 3 percent, within the 2.8 (percent) to 3.6 percent forecast of the BSP (Bangko Sentral ng Pilipinas). If realized, inflation would've picked up, snapping four-months straight of declining inflation. Inflation would still be within the BSP's 2 to 4 percent target range,” he said.
Limlingan said the local index also took positive cues from US markets.
All Shares also improved by 0.27 percent, or 9.74 points, to 3,618.95 points.
Performance of the sectoral indices was mixed, with Services leading the winners after rising by 2.46 percent to 1,787.94.
Property and Mining and Oil trailed after these rose by 1.30 percent and 0.93 percent, respectively.
On the other hand, Financials, Industrial and Holding Firms, lost 0.47 percent, 0.24 percent and 0.13 percent, respectively.
Philstocks Financial, Inc. assistant research manager Claire Alviar said foreign investors also helped lift the market with a net inflow of USD799.6 million.
“Chart-wise, the 7,000 level was a strong psychological resistance level of the market. The long upper wick of the market’s recent candles, however, suggests strong selling pressure,” she said.
Net market value turnover for the day reached PHP5.07 billion, higher than last month’s average of PHP4.96 billion.
Meanwhile, peso closed the day sideways at 55.97 against a US dollar from Friday’s 56.02 close.
It opened the day stronger at 56.00 from last trading’s 56.15 level kick-off.
The currency pair traded between 55.97 and 56.06, bringing the average level for the day at 56.01.
Trade volume dropped to USD768.2 million from last week’s USD1.43 billion. (PNA)
