PBBM’s directive on imports boosts stock investors; peso ends strong

By Kris Crismundo

April 22, 2024, 9:36 pm

MANILA – The directive of President Ferdinand R. Marcos Jr. to ease the importation of agricultural products has boosted investors' sentiment on Monday, bringing back the local index to the green territory, while the peso closed strong at the start of the week.

The Philippine Stock Exchange index (PSEi) inched up 1.08 points, or almost flat at 0.02 percent improvement, closing the day at 6,444.08, with All Shares finishing better, rising by 0.12 percent to 3,425.71 level.

“President Marcos's directive to ease the importation process of agricultural products provided a boost to market sentiment. This change is anticipated to ease short-term supply issues, which in turn should help reduce inflation caused by supply shortages,” Philstock Financials, Inc. assistant research manager Claire Alviar said.

Sectoral indices were mixed, with counters ending in the green like Mining and Oil, up by 3.10 percent to 8,477.15; followed by Property, up by 1.66 percent to 2,458.37; and Industrial, up by 0.28 percent to 8,399.44.

On the other hand, those sectors that closed in the red were Services, Holding Firms, and Financial, with shares each declining by not more than 0.67 percent.

“However, it was noticeable that many investors remained on the sidelines, with the net market value turnover registering at only PHP3.41 billion, lower than month-to-date average of PHP5.16 billion,” Alviar said.

Advancers led losers at 96 to 82, with 47 counters left unchanged.

Meanwhile, the peso finished strong at the start of the week, improving by 0.11 to 57.54 to a US dollar from Friday’s finish of 57.65 to a dollar.

This is despite the local currency opening weaker at 57.56 versus last week’s kick-off at 57.35 to the greenback.

The currency pair traded between a low of 57.41 and a high of 57.60 to a dollar.

The weighted average level for the day stood at 57.51 to the greenback.

Volume of trade dropped to USD1.16 billion from last week’s USD1.85 billion. (PNA)