PSEi ends 5-day shedding, peso strengthens

By Kris Crismundo

May 31, 2024, 7:40 pm

MANILA - Both the local bourse and currency improved their performance at the end of the week.

The Philippine Stock Exchange index (PSEi) on Friday went up by 0.96 percent to 6,433.10, with All shares improving by 1.12 percent to 3,463.87 level.

Philstock Financials, Inc. research associate Claire Alviar said last-minute bargain hunting saved the PSEi from another day of shedding and helped to bring it back to 6,400-level.

“Investors seized the opportunity to buy stocks at attractive prices following a five-day decline,” Alviar added.

Among indices, Services had the largest gain, with shares higher by 4.21 percent than the last trading day. This was followed by Industrial, up by 1.99 percent; Property, up by 1.43 percent; and Mining and Oil, up by 0.86 percent.

On the other hand, shares of Financials and Holding Firms declined by 0.73 and 0.51 percent, respectively.

Advancers led decliners at 98 to 89, leaving 51 counters unchanged.

Meanwhile, the Philippine peso strengthened by 0.13 to 58.51 from Thursday’s finish of 58.14 to the US dollar.

It opened the day at 58.53 before trading between 58.47 and 58.59, bringing the average level for the day at 58.52 to the greenback.

Trade volume for the day climbed to USD1.55 billion from last day’s USD1.39 billion volume. (PNA)