MANILA – The local bourse improved for the fourth consecutive day on the narrowing budget deficit, while the peso closed weak against the US dollar on Thursday.
The benchmark Philippine Stock Exchange index (PSEi) closed slightly higher by 0.03 percent, or 2.13 points, at 6,574.88, with All Shares also increasing by 0.13 percent to 3,467.97.
“Investors are looking forward to further first-quarter 2024 earnings results as initial reports from the banking space were positive. Additionally, the narrowing of the country’s budget deficit last March was cheered,” Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said.
Sectoral indices were mixed, with Services and Property being the only counters that closed in the red territory, shedding 0.19 and 0.61 percent, respectively.
Mining and Oil had the largest increase in share, up by 2.74 percent, followed by Industrial, Financials, and Holding Firms.
Gainers led losers at 104 to 83, leaving 50 firms unchanged.
Meanwhile, the peso closed the day weaker at 57.78 against the US dollar from Wednesday’s 57.55 finish.
It opened the day already weak at 57.75 from the previous trading’s 57.40 kickoff.
The currency pair traded between 57.75 and 57.96, bringing the average level for the day to 57.87 to the greenback.
"The story has been one of dollar strength rather than peso weakness. Escalating tensions in the Middle East led to safe-haven flows into the US dollar at the expense of most other currencies," Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said.
"Nonetheless, the BSP continues to monitor the market and stands ready to manage any unnecessary movement and excessive volatility," he added.
Trade volume increased to USD1.43 billion from Wednesday’s USD1.38 billion.
“For tomorrow, the peso exchange rate could range (from) 57.70 to 57.90 levels,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said. (PNA)
