MANILA – Both the local stock market and currency improved their performance at the end of the week (Friday, 31 May 2024).
On Friday, the Philippine Stock Exchange index (PSEi) rose by 0.96% to 6,433.10, while the All Shares index increased by 1.12% to 3,463.87.
Claire Alviar, a research associate at Philstock Financials, Inc., noted that last-minute bargain hunting saved the PSEi from another day of losses, helping it to rebound to the 6,400 level.
“Investors seized the opportunity to buy stocks at attractive prices following a five-day decline,” Alviar added.
Among the indices, the Services sector experienced the largest gain, with shares rising by 4.21% from the previous trading day. This was followed by the Industrial sector, up by 1.99%; Property, up by 1.43%; and Mining and Oil, up by 0.86%.
Conversely, shares in the Financials and Holding Firms sectors declined by 0.73% and 0.51%, respectively.
Advancers outnumbered decliners 98 to 89, with 51 counters remaining unchanged.
Meanwhile, the Philippine peso strengthened, closing at 58.51 to the US dollar, up from Thursday’s close of 58.14. It opened the day at 58.53 and traded between 58.47 and 58.59, averaging 58.52 for the day.
The trade volume for the day increased to USD 1.55 billion, up from the previous day’s volume of USD 1.39 billion.
(Rep. by el Amigo/MNM)
