MANILA – The Philippine Stock Exchange index (PSEi) edged up on Friday (30 Aug 2024), breaking a two-day losing streak, while the Philippine peso appreciated against the US dollar.
The benchmark PSEi advanced by 5.99 points to finish at 6,897.54, and the All Shares index increased by 9.52 points to 3,742.81.
“The local market experienced a rebound today, following its recent declines, due to bargain hunting. Positive US economic indicators, including a drop in initial jobless claims and an upward revision of Q2 GDP growth, provided a boost,” said Japhet Tantiangco, Research Manager at Philstocks Financial.
“However, the market’s gains were moderated as investors remained cautious, awaiting new developments,” Tantiangco added.
Sector performance was mixed, with the property sector leading with a 1.89 percent increase, while the services sector lagged, declining by 0.92 percent. Advancers outnumbered decliners, with 104 issues gaining and 88 falling.
In currency news, the peso strengthened, closing at 56.111 against the dollar compared to 56.283 the previous day. The peso opened at 56.20, fluctuated between 56.111 and 56.25, and had a weighted average of 56.179 for the day.
ia/mnm
