MANILA – The higher-than-expected fourth quarter growth of the United States economy and its markets overnight boosted the performance of the Philippine Stock Exchange index (PSEi) on Friday.
The PSEi closed the week strong, increasing by 12.59 points to 6,686.09, with All Shares inching up 0.42 points to 3,508.61.
"Philippine shares rose once again to close the week buoyed by encouraging economic data released overseas," Regina Capital Development Corp. head of sales Luis Limlingan said.
"The US GDP (gross domestic product) revealed higher-than-expected economic growth in the fourth quarter of 2023, piling onto investors' hopes that the economy has avoided deep recession," Limlingan added.
The US GDP grew 3.3 percent in the fourth quarter of 2023.
Sectoral performances were mixed, with Mining and Oil leading winners gaining by 44.82 points to 9,245.23, while the Industrial index recorded the biggest drop of 55.67 points to 9,093.68.
Despite the overall positive performance of the local index, decliners outnumbered gainers at 93 to 83, leaving 58 unchanged.
Meanwhile, the peso appreciated by 0.24 on Friday closing at 56.29 from Thursday's finish of 56.53 to a US dollar.
The local currency opened the day weak at 56.50 from last day's kick off at 56.22.
The peso-dollar exchange rate for the day ranged between 56.29 and 56.54, bringing the average level for the day at 56.41 to the greenback.
Trade volume for the currency exchange reached USD1.38 billion, lower than the previous day's volume of USD1.47 billion. (PNA)
