PSEi rebounds on bargain-hunting, peso ends sideways

By Kris Crismundo

March 18, 2024, 8:03 pm

MANILA – Bargain-hunting lifted local shares while peso closed sideways at the start of this week’s trading.

The Philippine Stock Exchange index (PSEi) closed at 6,853.29, gaining 30.97 points, or 4.5 percent.

However, gains for this day’s trading still failed to bring back the index to the 6,900-level.

All Shares also rose by 10.43 points, or 0.29 percent, to 3,570.90 level.

Philstocks Financial Inc. research associate Claire Alviar said that aside from investors’ bargain-hunting, the 2.7 percent year-on-year growth in overseas Filipino remittances for January 2024 also supported the local stock barometer.

"Meanwhile, investors remained cautious ahead of the Federal Reserve meeting this week," Alviar added.

Only two sectors were left in the negative territory —Services and Holding Firms, with shares declining by 1.05 percent and 0.40 percent.

Financials had the largest gain for the day, with shares rising by 2.95 percent. This was followed by Property, Mining and Oil, and Industrial.

Advancers outpaced decliners at 101 to 97, with shares of 39 counters left unchanged.

Meanwhile, the peso ended the day sideways, shedding 0.05 to 55.58 a US dollar from Friday’s finish of 55.53.

The local currency opened at 55.65, also weaker than its last kick-off at 55.50 to the greenback.

The currency pair traded from a low of 55.52 to a high of 55.70, bringing the weighted average for the day at 55.61 to a dollar.

The volume of trade reached USD1.01 billion from the previous trading's closing of USD1.2 billion. (PNA)