Stocks, peso up on Friday

By Anna Leah Gonzales

June 7, 2024, 5:53 pm

MANILA – The local stock market ended the day almost unchanged while the peso closed stronger against the dollar.

The Philippine Stock Exchange index (PSEi) slightly went up by 8.90 points to 6,518.76.

All Shares, meanwhile, closed at 3,491.93, up by 2.14 points.

"Philippine equities ended the day relatively unchanged, echoing the muted movement of the US market," Regina Capital Development Corp. head of sales Luis Limlingan said.

"US investors are in a holding pattern ahead of the May jobs report, anticipating that signs of a slowing labor market could prompt the Fed to consider interest rate cuts. Meanwhile, the next significant data release for the Philippines is the FDI report, set to drop on Thursday, June 13," Limlingan added.

Except for Holding Firms, almost All Sectors closed in the green.

Decliners led advancers at 90 to 88, while 63 shares were unchanged.

The peso, meanwhile, closed at 58.52 to a dollar on Friday, stronger than the 58.611 finish on Thursday.

It opened at 58.555 and traded between 58.49 and 58.59, bringing the weighted average for the day at 58.539.

Volume of trade went down USD1.2 billion from USD1.3 billion the previous day. (PNA)