PSEi back to 6,500-level, peso on sideways

By Kris Crismundo

April 23, 2024, 7:47 pm

MANILA – The Philippine Stock Exchange index (PSEi) took positive cues from Wall Street overnight, bringing back the local index to the 6,500-level, while the peso closed Tuesday sideways.

The PSEi increased by 0.97 percent to 6,506.80, with All Shares also gaining by 0.62 percent to close at 3,446.90.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said that aside from the performance of Wall Street overnight, investors sentiment improved on Iran’s statement that it will not further escalate its conflict with Israel.

This has lifted worries over higher oil prices in the global market, Plopenio added.

“At home, the statement from NEDA Undersecretary Rosemarie Edillon saying that an uptick in inflation for April is unlikely as the country is already in the harvest season also boosted sentiment,” he said.

All counters ended in the green led by Industrial, followed by Services, Property, Mining and Oil, Financials, and Holding Firms.

“Still, many chose to stay on the sidelines as net value turnover stood at PHP4.20 billion, lower than the year-to-date average of PHP5.06 billionn. Foreigners were net sellers with net outflows amounting to PHP508.34 million,” Plopenio said.

Advancers outpaced decliners at 102 to 73, leaving 51 counters unchanged.

Meanwhile, the Philippine peso closed sideways, at 57.51 from last day’s finish of 57.54 to a US dollar.

It opened the day at 57.50 before trading between 57.39 and 57.51, bringing the average level for the day at 57.45 to the greenback.

Trade volume inched up to USD1.18 billion from USD1.16 billion on Monday trading. (PNA)