Investors’ confidence improved on Friday’s trading as reflected in the local bourse, while Philippine peso depreciated against a United States dollar. The benchmark Philippine Stock Exchange index (PSEi) closed with a 34.06 points increase to 6,647.56 level. All shares also increased by 14.99 points to 3,530.90, with all counters finishing in the green, except for Industrial. ‘The narrow balance of payments (BOP) deficit in June further contributed to the positive sentiment. Although the country’s BOP position remained in deficit in June, it showed improvement compared to the previous year,’ Philstocks Financial Inc. research associate Claire Alviar said. The Bangko Sentral ng Pilipinas reported Thursday that the country’s BOP position is at USD606-million deficit as of end-June 2023, lower compared to USD1.574 billion deficit in the same period last year. ‘Foreigners also helped (in) lifting the index, recording a net inflow of PHP374.04 million,’ Alviar added. Total shares traded on Friday also reached over 776 million amounting to PHP8.75 billion -the highest value of transactions this week. Ninety-six listed firms reported increments, 77 firms incurred losses on shares, and 49 counters were left unchanged. ‘Among index members, Semirara Mining and Power Corp. was at the top, gaining 3.57 percent while Manila Electric Company was at the bottom, losing 1.77 percent,’ Alviar said. Meanwhile, the peso weakened to 54.76 to a dollar from 54.52 on Thursday. The local currency started the day at 54.68 from previous trading’s opening at 54.55. The peso and dollar exchange rate ranged from a low of 54.56 to a high of 54.76, posting an average level of 54.67 to a dollar. Volume of trade further increased to USD1.17 billion on this week’s last trading day from USD1.14 billion the previous day
Source: Philippines News Agency