Improving peso boosts index

—INQUIRER FILE PHOTO

MANILA – The improving peso against the US dollar boosted the local bourse to the 6,700 level on Thursday.

The Philippine Stock Exchange index (PSEi) increased by 0.26 percent to 6,705.01, with All Shares also improving by 0.23 percent to 3,602.86 points.

“The local market extended its climb by 17.30 points (0.26 percent) to 6,705.01 as investors cheered the continuous improvement of the Philippine peso against the US dollar,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.

READ: Asian markets drop with Wall St as Biden sparks fresh chip fears

“Also, the Asian Development Bank’s projection of the Philippines’ leading the ASEAN region together with Vietnam in terms of economic growth for 2024 and 2025 cheered investors.”

Sectoral indices were mixed. Winners were Financials (+2.55 percent), Industrial (+0.56 percent), and Services (+0.26 percent).

Thursday’s losers were Mining and Oil (-1.8 percent), Holding Firms (-1.14 percent), and Property (-0.64 percent).

Decliners led gainers at 89 to 80, leaving 59 counters unchanged.

Meanwhile, the Philippine peso closed at 58.25 to the US dollar from the previous day’s finish of 58.30 to the greenback.

It opened the day strong at 58.25 from 58.33 on Wednesday, before trading between 58.17 and 58.33, leaving the day’s average at 58.26.

Trade volume declined to USD1.17 billion from USD1.24 billion in the previous trading.