Shares, peso up slightly ahead of US inflation data

By Kris Crismundo

March 12, 2024, 8:27 pm

MANILA – Both local shares and the peso moved sideways, slightly improving in Tuesday’s trading.

The Philippine Stock Exchange index (PSEi) inched up by 7.35 points, or 0.11 percent, to 6,879.59, with All Shares also increasing by 0.16 percent to 3,580.31.

Sectoral indices were mixed with winners led by Services, whose shares were higher by 2.04 percent from the previous day.

Holding Firms, Property and Mining and Oil also closed in the positive territory.

Shares of Financials and Industrial declined by 1.08 and 0.08 percent, respectively.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said the slight increase in the local bourse was driven by bargain hunters.

“Many also cheered the December 2023 FDI (foreign direct investment) figures which posted a 29.9 percent year-on-year surge in net inflows. Still the market closed with trimmed gains, implying that investors are being cautious ahead of the US inflation data,” Plopenio said.

Gainers outpaced losers at 109 to 72, leaving 54 counters unchanged.

Meanwhile, the peso also moved sideways, slightly improving by 0.07.

The local currency closed the day at 55.31 to a US dollar from a 55.37-finish Monday.

It opened stronger at 55.42 from last day’s kick-off at 55.59.

The currency pair traded between 55.30 and 55.51, bringing the average foreign exchange rate for the day at 55.40 to the greenback.

Volume of trade further increased to USD1.13 billion from last day’s USD1.09 billion. (PNA)