MANILA – The Philippine Stock Exchange index (PSEi) closed in positive territory on Tuesday (10 Dec 2024), driven by bargain hunters, while the peso remained unchanged against the US dollar.
The PSEi rose by 0.66% to 6,724.82 points, and All Shares gained 0.23%, ending at 3,785.80 points. According to Japhet Tantiangco, research manager at Philstock Financials, Inc., the market’s upward movement was largely fueled by last-minute bargain hunting and optimism following China’s announcement of increased policy support for its economy.
Tantiangco noted that foreign buyers contributed to the market’s growth, with net inflows of PHP 1.34 billion. The Financials sector was the only one to finish in the red, dropping 0.40% to 2,249.28 points. On the other hand, Mining and Oil saw the biggest gain of the day, up 1.32% to 7,587.52 points. Other sectors such as Holding Firms, Services, Industrial, and Property also posted gains.
Meanwhile, the peso closed flat at 58.01 against the US dollar, the same rate as the previous day. It opened at 57.97 and traded between 57.90 and 58.03, with an average of 57.96. The trading volume was USD 1.17 billion, lower than the previous day’s USD 1.33 billion.
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