PSEi tracks Wall Street, peso ends sideways

By Kris Crismundo

May 16, 2024, 8:21 pm

MANILA – The Philippine Stock Exchange index (PSEi) rose following the improvements in Wall Street and while waiting for the policy stance of the Monetary Board, even as the peso closed sideways during Thursday’s trading.

The PSEi finished the day gaining 1.06 percent and closing at 6,628.20, with All Shares closing at 3,524.52 points, 0.72 percent, better than Wednesday’s finish.

“Investors took positive cues from Wall Street’s overnight performance amid the US’ slower-than-expected April inflation,” Philstock Financials, Inc. research and engagement officer Mikhail Plopenio said.

“Investors also waited for the BSP’s (Bangko Sentral ng Pilipinas’) policy meeting with hopes that cues of monetary policy easing will be given. Lastly, the growth of the OF’s (overseas Filipinos) remittances gave sentiment a boost.”

The central bank kept its policy rate at 6.5 percent.

BSP Governor Eli Remolona Jr. said the central bank is “less hawkish” and the easing of monetary policy is likely as early as August.

Among sectoral performances, only Financials closed in the red territory, slowing down by 0.33 percent to 2,024.75. The rest closed in the green, led by Property and followed by Holding Firms, Mining and Oil, Services, and Industrial.

Advancers led losers at 120 to 78, leaving 46 counters unchanged.

Meanwhile, the Philippine peso finished sideways at 57.47 to the US dollar from a 57.51 close on Wednesday.

It opened the day strong at 57.35 from a start of 57.71 the previous day.

The currency pair traded between 57.24 and 57.48, bringing the day’s average to 57.36 to the greenback.

Trade volume increased by USD488 million to USD1.76 billion from USD1.27 billion. (PNA)