PSEi declines on monetary outlook, peso back to 57-level

By Kris Crismundo

May 28, 2024, 8:50 pm

MANILA -- The Philippine Stock Exchange index (PSEi) fell on Tuesday while the peso strengthened, returning to 57-level.

The local bourse ended the day declining by 1.07 percent to 6,501.34, with All Shares also down by 0.72 percent to 3,484.74.

Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said investors digested recent cues from the central bank's monetary policy outlook.

"Primarily, investors digested the results of the BSP’s latest survey which showed that the majority of respondent analysts project policy rates to remain unchanged in Q3 (third quarter) 2024. Also digested was BSP Senior Assistant Governor Iluminada Sicat’s remarks, saying that upside risks to inflation remain, causing the BSP to remain restrictive with its policy," Plopenio said.

Only two counters closed with gains namely, Mining and Oil as well as Financials, which shares jumped by 1.49 and 1 percent, respectively. 

Among decliners, Industrial counter shed the most shares, down by 142.04 points. This was followed by Holding Firms, Property, and Services.

Losers outnumbered winners at 102 to 93, with shares of 35 firms left unchanged.

Meanwhile, the Philippine peso gained its strength after closing back to 57-level at 57.97 to a US dollar from last day's finish of 58.11.

It opened strong at 58.07 from Monday's kick-off at 58.18 to a dollar.

The currency pair traded between 57.90 to 58.07, bringing the average level for the day at 57.95 to the greenback.

Volume of trade surged to USD1.24 billion from USD791.5 million in the previous day. (PNA)