The strengthening of the Philippine peso cheered up investors on Thursday, with the benchmark index breaching the 6,700 level after nearly three months.
By the end of the session, the Philippine Stock Exchange Index (PSEi) added 0.26 percent, or 17.3 points, to 6,705.01.
Meanwhile, the broader All Shares Index inched up by 0.23 percent, or 8.24 points, to 3,602.86.
READ: Improving peso boosts index
A total of 1.08 billion shares worth P4.61 billion changed hands as foreigners made net purchases worth P385.96 million, stock exchange data showed.
Mikhail Plopenio, researcher at Philstocks Financial Inc., said investors perked up due to the “continuous improvement of the Philippine peso against the US dollar.”
The local currency closed trading at 58.25 against the US dollar on Thursday after approaching earlier this month the record weakest exchange rate of 59:$1 that was reached in 2022.London-based think tank Capital Economics also said the peso may return to the 57:$1 level by the end of the year due to a “weakening” US economy.
Banks led the gainers with a 2.55-percent increase, buoyed by Ayala-led Bank of the Philippine Islands’ (BPI) rally after posting a record first-semester profit of P30.6 billion, up by 21.5 percent.
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Ayala Land Inc. was the top-traded stock as it slipped by 2.21 percent to P30.95 per share.
It was followed by BPI, which surged by 4.3 percent to P126; BDO Unibank Inc., up 2.22 percent to P142.50; SM Prime Holdings Inc., unchanged at P29.80; and SM Investments Corp., down 2.28 percent to P902 each.
Other actively traded stocks were International Container Terminal Services Inc., down 0.38 percent to P363; Metropolitan Bank and Trust Co., up 1.33 percent to P68.50; GT Capital Holdings Inc., up 1.68 percent to P607; Philex Petroleum Corp., which plunged by 7.78 percent to P4.15; and Universal Robina Corp., up 0.17 percent to P119.
Losers edged out gainers, 89 to 80, while 59 companies closed unchanged. —Meg J. Adonis