MANILA – The local index rebounded from its two-day losses while local currency finished strong for the third straight day.
The Philippine Stock Exchange index (PSEi) closed ahead of the long holidays gaining by 31.77 points to 6,501.00 level, with All Shares increasing by 23.04 points to 3,427.30.
Philstocks Financial, Inc. assistant research manager Claire Alviar said the improvement in local shares was “influenced by positive spillover from the US markets overnight, as the sentiment was boosted by the anticipated rate cuts by the Federal Reserve next year.”
Except for Financials, which slipped by 5.05 points, all counters ended the trading day in the green territory.
“Many investors remained on the sidelines, resulting in a net market value turnover of only PHP2.65 billion ahead of the long weekend,” Alviar added.
Advancers outnumbered decliners at 105 to 63, leaving 58 counters unchanged.
This day’s top performer was ACEN Corp. while PLDT, Inc. was at the bottom.
Meanwhile, for three straight days, the Philippine peso finished strong closing Friday at 55.40 to a US dollar.
Peso gained 0.17 from Thursday’s closing of 55.57 to the greenback.
The local currency opened the day strong at 55.35 from last day’s kick off at 55.78.
The currency pair traded between 55.33 and 55.44, bringing the average level for the day at 55.38 to a dollar.
Trade volume reached USD1.08 billion, recovering from USD841.25 million volume the previous day. (PNA)
