Bargain hunting boosts stock market, peso weakens

By Kris Crismundo

May 8, 2024, 6:39 pm

MANILA – Bargain hunting helped the local bourse to close in the positive territory, while the peso weakened in Wednesday’s trade.

The Philippine Stock Exchange index (PSEi) finished the day's trading at 6,659.18, with All Shares increasing by 0.31 percent to 3,516.57.

“Last-minute buying boosted the local stock market, closing with a gain of 0.61 percent at 6,659.18, driven by a narrower trade deficit in March,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The lower unemployment rate for March 2024, which settled at 3.9 percent, also boosted the local index.

Counters’ performances were mixed, with Property, Services, and Mining and Oil closing in the positive territory.

Those that ended in the red were Holding Firms, Industrial, and Financials.

Advancers outpaced decliners at 99 to 91, leaving 40 counters unchanged.

Meanwhile, the peso dropped to 57.35 to a US dollar from 57.21 on Tuesday.

It opened slightly weak at 57.35 from last day’s kick-off at 57.27.

The currency pair traded between 57.35 and 57.48 to a dollar, bringing the average level for the day at 57.41 to the greenback.

Trade volume declined to USD1.16 billion from USD1.17 billion the previous day. (PNA)