PH shares surge on bargain hunting, peso on sideways

By Kris Crismundo

April 29, 2024, 9:46 pm

MANILA – Bargain hunters supported the local bourse during the week’s opening, while the peso closed sideways.

Now on its sixth-day rally, the Philippine Stock Exchange index (PSEi) rose 140.89 points, or 2.12 percent, to 6,769.64, with All Shares also increasing by 1.45 percent to 3,543.28 level.

“The positive cues from the US markets last Friday and the easing tensions in the Middle East contributed to the market’s gain,” Philstocks Financial, Inc. assistant research manager Claire Alviar said.

Only the Mining and Oil counter closed in the negative territory, down by 0.81 percent, to 8,802.57 level.

Financials led gainers, with shares improving by 2.89 percent, followed by Services, Property, Industrial, and Holding Firms.

“Foreign investors also helped lift the market, registering a net inflow of PHP1.18 billion. The net market value turnover stood at PHP4.68 billion,” Alviar added.

Advancers led losers at 120 to 74, leaving 49 unchanged.

Meanwhile, the peso closed sideways at 57.68 to a US dollar from a 57.71 finish the previous week.

It opened the day at 57.75 to a dollar before trading between a low of 57.60 and a high of 57.77 to a dollar.

The weighted average level for the day stood at 57.70 to the greenback.

Total trade volume on Monday declined to USD1.46 billion from USD1.69 billion the previous day. (PNA)