MANILA — 2023 earnings and increased interest from foreign buyers propelled the PSEi upwards as the peso saw a strengthening trend, finishing at the 55-level.
On Wednesday, the Philippine Stock Exchange index (PSEi) surged by 42.70 points to reach 6,897.36, with All Shares also climbing by 18.40 points, closing at 3,600.10.
Market sectors displayed a mixed performance, with Property stocks leading the gains with a 1.89 percent increase, while Services experienced the most significant decline, dropping by 1.69 percent.
Claire Alviar, assistant research manager at Philstocks Financial, Inc., attributed the positive sentiment towards property stocks to the anticipation of a possible interest rate cut by the Bangko Sentral ng Pilipinas (BSP), coupled with strong earnings reports for 2023.
Foreign investor participation remained robust, with a net foreign buying of PHP505.86 million for the day, marking a consistent trend since early February, establishing foreigners as net buyers.
Total market turnover amounted to PHP4.20 billion for the day.
Meanwhile, the peso closed at 55.94 against the US dollar, showing sideways movement compared to its previous finish of 56.03. It opened the day at 55.99, trading within a range of 55.90 to 56.10, with an average level of 56 against the greenback.
Foreign exchange volume saw an increase to USD1.29 billion from USD1.14 billion in the previous trading session.
(With reports from PNA/el Amigo/MNM)
