Bargain hunting lifts PSEi; peso stays at 58 vs. US dollar

By Kris Crismundo

May 23, 2024, 8:05 pm

MANILA – After a two-day decline, the local bourse recovered on bargain hunting while the peso closed within the 58-level.

The benchmark Philippine Stock Exchange index (PSEi) finished the day gaining by 0.80 percent to 6,659.99, while All Shares also increased by 0.38 percent to 3,537.29 level.

Among sectoral indices, only Mining and Oil and Services closed in the negative territory, shedding by 1.29 percent and 0.32 percent, respectively.

Top gainer among counters was Holding Firms, which shares went up by 1.40 percent, followed by Property (+1.22 percent), Industrial (+0.94 percent), and Financials (+0.25 percent).

“The net inflow of foreign funds amounting to PHP248.74 million aided the bourse as well. However, ongoing economic headwinds such as the peso’s depreciation and the Federal Reserve’s hawkishness kept many on the sidelines. As a result, net market value turnover was at PHP4.85 billion, lower than the year-to-date average of PHP4.99 billion,” Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said.

Despite the overall positive performance of the local index, losers outnumbered gainers at 100 to 94, leaving 37 unchanged.

Meanwhile, the Philippine peso stayed at the 58-level on Thursday, ending at 58.13 from Wednesday's close of 58.06 to the US dollar.

It opened the day at the same level at 58.15 and traded between a low of 58.13 and a high of 58.30 to the greenback.

The weighted average settled at 58.22 to the dollar.

Trade volume slipped to USD1.27 billion from USD1.29 billion on Wednesday. (PNA)