PSEi rallies for 6 straight days, peso nearly touches 57-level

By Kris Crismundo

September 28, 2023, 6:33 pm

<p><em>(File graphics)</em></p>

(File graphics)

MANILA – Bargain hunters continue to support the local stock market, while the peso moved sideways but nearly touched the 57-level.

The Philippine Stock Exchange index (PSEi) rallied for six consecutive trading days on Thursday after gaining 10.84 points to 6,385.52, with broader All Shares improving by 6.33 points to 3,419.21.

“Investors seemed to continue their hunt for bargains with hopes pinned on the resilience of the corporate sector amid the lingering economic headwinds,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.

He noted that the trading floor opened strong and even breached the 6,400-level intraday, but gains were tempered by profit-taking activities.

Sectors were mixed on Thursday’s trading with counters of Holding Firms (+24.04 points), Mining and Oil (+19.90 points), and Services (+17.47 points) ending in the green, while those in the red territory were Property (-5.96 points), Industrial (-3.93 points), and Financials (-2.31 points).

Plopenio said the net value turnover of the local bourse reached PHP4.4 billion, with foreign net inflows amounting to PHP194 million.

Gainers topped losers at 113 to 76, with 59 firms maintaining their shares.

Meanwhile, the Philippine peso closed sideways to 56.98 to the US dollar, slightly shedding 0.03 from the previous day’s 56.95 finish.

It opened the day at 56.89 from Wednesday’s kickoff at 56.90.

The currency pair traded between 56.89 and 56.98, bringing the day’s weighted average level to 56.96 to the greenback.

The volume of trade slowed down to USD980.6 million from Wednesday’s USD1.35 billion. (PNA)