Manila – The Philippine stock market closed on a strong note while the peso ended the day with minimal changes, as market players awaited the release of inflation data.
According to Philippines News Agency, the PSE index (PSEi) concluded the day with a gain of 13.83 points, closing at 6,259.01. The All Shares index also finished in positive territory, up by 5.03 points at 3,337.25. All sectoral indices, except for Financials, which dipped by 1.42 points, ended the day on a stronger note. Mining and Oil led the gains, soaring by 132.65 points to 9,766.16, followed by increases in the Industrial, Holding Firms, Services, and Property sectors.
Rizal Commercial Banking Corp.’s chief economist Michael Ricafort remarked that the PSEi’s closing was one of the best performances in the past 1.5 months, dating back to October 18, 2023. He noted that the PSEi’s gains followed the positive trend in US stock markets, which have been continuously climbing over the past four days and reaching near four-month highs.
Despite the overall improvement in the stock market, there was a mix of performances among individual stocks, with 81 index members experiencing a decline in their shares, 72 registering gains, and 33 remaining unchanged.
In the currency market, the Philippine peso closed almost steady, showing a slight improvement against the US dollar. The peso closed at 55.34, marginally stronger than its 55.40 finish last Friday. The currency pair opened at 55.34 and fluctuated between 55.22 and 55.37, averaging at 55.32 against the US dollar. Trade volume decreased slightly to USD 1.12 billion from the previous week’s USD 1.18 billion.