Local shares rebound, peso ends sideways

By Kris Crismundo

February 20, 2024, 8:03 pm

MANILA – The local stock barometer rebounded on Tuesday after a two-day decline, while the peso ended sideways against the US dollar.

The Philippine Stock Exchange index (PSEi) improved by 56.05 points to 6,854.66, with All Shares gaining 19.09 points at 3,581.70.

“The positive sentiment was fueled by rate-cut hopes from the Bangko Sentral ng Pilipinas after Pantheon Economics stated that the central bank may start to cut rates by May,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.

“Additionally, investors cheered the recent moves by the People’s Bank of China wherein it held its short-term interest rates unchanged and cut its five-year loan prime rate by 25 basis points. Foreign funds also gave the market a boost with net inflows amounting to PHP666.48 million,” Plopenio added.

Sectors were mixed on Tuesday, with gainers led by Services which increased by 2.4 percent.

Losers were Industrial and Mining and Oil, which declined by 0.85 and 0.23 percent, respectively.

“Net market value turnover for today stood at PHP4.57 billion, slightly higher than the year-to-date average of PHP4.56 billion,” Plopenio said.

Advancers led decliners at 106 to 78, while 46 issues left unchanged.

Meanwhile, the peso closed sideways at 56.04 from 56.07 to a US dollar.

The local currency opened at 56.09 before trading between a low of 56.04 and a high of 56.14, bringing the average level for the day at 56.08 to the greenback.

The volume of trade stood at USD1.14 billion, declining from USD1.51 billion on Monday. (PNA)