Improving peso boosts index

Improving peso boosts index

/ 09:06 PM July 18, 2024

PSEi reclaims 6,500 on hunt for cheap buys

—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.

Article continues after this advertisement

“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.

FEATURED STORIES

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.”

Article continues after this advertisement

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

Article continues after this advertisement

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

Article continues after this advertisement

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.

Article continues after this advertisement

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.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: bourse, Peso, PSEi

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.