MANILA – After gaining for five straight days, the local stock barometer traded back to the 6,600 level, while the peso closed the week sideways.
The Philippine Stock Exchange index (PSEi) finished this week’s trading at 6,628.75, increasing by 0.82 percent, with All Shares also closing higher by 0.71 percent to 3,492.75 level.
Except for Services, which slipped by 0.01 percent, all other counters closed in the green territory.
“Despite the negative cues from Wall Street overnight, the local bourse gained by 53.87 points (0.82 percent) to reach 6,628.75 amid anticipation of first quarter earnings,” Philstock Financials, Inc. assistant research manager Claire Alviar said.
In the coming weeks, listed firms are expected to report their first quarter 2024 performances.
“However, many were seen on the sidelines as the net market value turnover was at PHP2.77 billion, weaker than the month-to-date average of PHP4.79 billion. Investors took a cautious stance this session as US economic data showed a slowdown in economic growth and pointed to persistent inflation,” Alviar added.
Advancers led decliners at 110 to 78, with 49 counters left unchanged.
Meanwhile, the Philippine peso closed sideways at 57.71 to a US dollar from its 57.78 finish on Thursday.
It opened the day at 57.73 before trading between 57.65 and 57.88 to a dollar.
The weighted average level for the day was at 57.80 to the greenback.
Volume of trade further increased to USD1.69 billion to end this week’s trading from USD1.43 billion the previous day. (PNA)
