MANILA — The local stock index and currency both strengthened on the week’s final trading day, buoyed by the central bank’s statement that inflation is expected to ease in the year’s second half.
On Friday (28 June 2024), the Philippine Stock Exchange index (PSEi) surged for the fifth consecutive day, closing at 6,411.91, a 0.33 percent increase. The All Shares index also rose by 0.26 percent to 3,486.66.
“Investors cheered the Bangko Sentral ng Pilipinas’ (BSP) signal of a possible rate cut at their August meeting, as well as its downward revision of the inflation forecast for this year and next to 3.1 percent, which is within the government’s target range of 2 to 4 percent,” said Claire Alviar, a research associate at Philstocks Financials, Inc.
“The market returned above the 6,400 level, supported by a strong net market value turnover of PHP5.92 billion, which is higher than the PHP4.4 billion monthly average,” she added.
Among the indices, Mining and Oil, and Financials recorded losses of 0.86 percent and 0.51 percent, respectively.
The biggest gainer for the day was the Holding Firms index, with shares increasing by 0.93 percent, followed by Property (+0.50 percent), Services (+0.49 percent), and Industrial (+0.10 percent).
Advancers outnumbered decliners, 109 to 85, with 52 stocks unchanged.
Meanwhile, the peso ended the week on a strong note, gaining 0.14 to close at 58.61 against the US dollar, up from the previous day’s finish at 58.75.
The local currency started the day strong at 58.70, up from Thursday’s opening rate of 58.88 to the dollar.
The exchange rate fluctuated between 58.58 and 58.72, averaging 58.66 against the greenback.
The trade volume decreased by USD39 million to USD1.166 billion from USD1.205 billion.
(el Amigo/mnm/PNA)
