PSEi on 3-day rally, peso ends flat

By Kris Crismundo

March 14, 2024, 8:15 pm

MANILA – The local stock market sustained its three-day rally on Thursday, while the peso closed flat against the US dollar.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.04 percent, or 2.45 points, to 6,967.96, while the broader All Shares declined by 0.10 percent, or 3.46 points, to 3,610.74.

“Back home, the local bourse remained 6,900-level as traders continued to do some bargain hunting ahead of the effectivity of the FTSE rebalancing. The latter will take effect on March 15,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Four counters closed in the red territory, with the biggest losses coming from the Mining and Oil counter, down by 2.18 percent. 

Other losers were Industrial, Services, and Financials.

Gainers for the day were Property and Holding Firms.

Decliners outnumbered gainers at 119 to 84, leaving 41 unchanged.

Meanwhile, the peso finished flat at 55.40 against the dollar.

It opened the day stronger at 55.37 from the previous day’s 55.55.

The currency pair traded within the range of 55.36 to 55.44 to the greenback.

The weighted average level for the day stood at 55.40 to the dollar.

Volume of trade dropped to USD868.8 million from USD1.01 billion on Wednesday. (PNA)