Stocks snap 5-day losing streak, peso ends sideways

By Kris Crismundo

October 25, 2023, 7:53 pm

MANILA – The benchmark Philippine Stock Exchange index (PSEi) rebounded on Wednesday after five straight days of losses, while the peso closed sideways.

The PSEi rose by 0.25 percent or 14.78 points to 6,054.83, with broader All Shares also went up by 0.13 percent to 3,288.83.

Sectoral indices were mixed, with Financials, Holding Firms and Industrial closing in the positive territory while Services, Property and Mining and Oil were in the red.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the PSEi corrected higher on healthy closing of US stock markets, decline in global crude oil prices and easing of US Treasury yields.

“The PSEi still declined by -205.45 points or -3.3 percent versus the 6,259.95 posted on October 6, 2023, or shortly before the Israel-Hamas war since October 7, 2023,” Ricafort said.

He said the net foreign buying in local equities was higher by USD400,000 from USD11.2 million losses in the previous trading day.

There were 83 losers against 80 advancers, while 51 firms kept their shares.

Meanwhile, the peso closed 56.85 to a US dollar from 56.76 on Wednesday.

It opened at 56.75, and traded between 56.75 to 56.88 during the day.

The weighted average for the day stood at 56.83 to a dollar.

The volume of trade slipped to USD909.7 million from USD1.06 billion on Wednesday. (PNA)