PSEi tracks Asian indices; peso weakens

By Kris Crismundo

May 20, 2024, 9:00 pm

MANILA – The local index tracked the performance of regional bourses at the start of the week while the Philippine peso depreciated.

The Philippine Stock Exchange index (PSEi) gained on Monday, increasing by 0.97 percent to 6,682.78 points, with All Shares also higher by 0.70 percent to 3,548.70 level.

All sectors performed better than last week, the biggest jumped coming from the Mining and Oil counter, increasing by 458.16 points (4.95 percent) to 9,718.50 points.

It was followed by Financials (+1.68 percent), Services (+1.48 percent), Industrial (+0.78 percent), Property (+0.51 percent), and Holding Firms (+0.28 percent).

Philstock Financials, Inc. assistant research manager Claire Alviar said PSEi tracked Asian markets following the performance of the US markets on Friday.

“Moreover, optimism that the Bangko Sentral ng Pilipinas would cut interest rates by the second half lifted the sentiment. Investors were also digesting the first quarter earnings results,” she added.

Gainers led losers at 122 to 22, with 42 firms left unchanged.

Meanwhile, the peso closed weak at 57.90 to the US dollar from 57.62 last week.

It already opened the day weak at 57.68 from Friday’s kick-off at 57.53.

The currency pair traded between a low of 57.68 to a high of 57.90 to the dollar, bringing the average level for the day at 57.67.

Trade volume dropped to USD1.21 billion from USD1.76 billion on Friday. (PNA)