MANILA – Local stocks rebounded, and the peso strengthened against the US dollar on Friday (18 Oct 2024), marking a positive close to the trading week.
The Philippine Stock Exchange index (PSEi) advanced by 0.21%, ending at 7,415.73, while the broader All Shares index also rose to 4,081.52.
“Today’s market sentiment was largely driven by optimism surrounding possible policy easing by the Bangko Sentral ng Pilipinas, along with positive expectations for third-quarter corporate earnings,” said Japhet Tantiangco, research manager at Philstocks Financials, Inc., in a statement.
The mining sector led the gains, climbing 0.76%, while industrial stocks posted the largest decline, down 0.19%. Advancing stocks outnumbered decliners 103 to 91.
On the currency front, the peso closed at 57.511 against the dollar, strengthening from Thursday’s finish of 57.8. The peso traded within a range of 57.48 to 57.8, with a weighted average of 57.651.
Trading volume in the foreign exchange market increased to USD 1.7 billion, up from USD 1.4 billion on the previous day.
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