Local index improves on bargain hunting, peso on sideways

By Kris Crismundo

April 18, 2024, 8:34 pm

MANILA – The local index has improved for two days in a row, with gains on Thursday lifting the bourse to 6,500-level, while the peso closed sideways.

The benchmark Philippine Stock Exchange index (PSEi) increased by 1.13 percent to 6,523.19, while the broader All Shares grew by 0.77 percent to 3,456.32.

Except for Mining and Oil, all other counters ended in the green territory.

“Investors continued to take opportunities from the market’s recent steep decline,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.

“Fueling the positive sentiment was the resurfacing of rate cut hopes as Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. stated the possibility of monetary easing starting in the fourth quarter of this year,” he added.

He said net value turnover on Thursday stood at PHP5.9 billion, which is higher than the year-to-date average of PHP5.09 billion.

“Foreigners were net sellers with net outflows amounting to PHP619.21 million,” Plopenio said.

Advancers led decliners at 107 to 76, leaving 43 counters unchanged.

Meanwhile, the Philippine peso closed sideways at 57.19 to a US dollar from 57.18 to a dollar on Wednesday.

The peso opened the day at 57.15 from last day’s kick-off at 57.1 to a US dollar.

The peso-dollar exchange rate ranged between 57.01 and 57.24, bringing the average level for the day at 57.10 to the greenback.

Trade volume reached USD1.8 billion, slipping from USD1.92 billion the previous day. (PNA)