Strong FDI boosts local index, peso weak

By Kris Crismundo

May 13, 2024, 9:05 pm

MANILA – The higher net foreign direct investment (FDI) inflows in February buoyed the local index on Monday, while the peso closed weak against the US dollar.

The Philippine Stock Exchange index (PSEi) gained 92.32 points, or 1.42 percent, to close at 6,604.25 points.

All Shares also went up by 30.63 points at 3,507.76 points.

Sectoral indices also rose across-the-board, led by Services which rose 3.19 percent.

This was followed by Financials (2.70 percent), Property (0.92 percent), Mining and Oil (0.62 percent), Industrial (0.26 percent), Services (0.19 percent), and Holding Firms (0.10 percent)

Philstock Financials, Inc. assistant research manager Claire Alviar attributed the better performance of the bourse to bargain hunting following two consecutive days of market decline.

“Additionally, strong February foreign direct investment data bolstered sentiment,” she added.

Gainers led losers at 118 to 74, while 49 shares were unchanged.

Meanwhile, the Philippine peso closed at 57.86 to a dollar on Monday, from a 57.42 finish last week.

It opened the day at 57.63, weaker than its 57.30 start in the previous session.

It traded between 57.59 and 57.87, resulting in an average of 57.73.

Volume increased to USD1.13 billion from the previous session's USD1.03 billion. (PNA)