By Kris Crismundo | Philippine News Agency
Both local shares and currency improved for three consecutive trading days.
Coming back from the Christmas break, the Philippine Stock Exchange index (PSEi) inched up by 0.06 percent or 4.11 points to the 6,539.02 level on Thursday, the second-to-the-last trading day of the year.
All shares also went up by 0.12 percent or 4.55 percent to 3,731.78.
“The local market managed to close a little above the flatline on the back of last-minute bargain hunting. Hopes of an early-2025 rate cut by the BSP (Bangko Sentral ng Pilipinas) helped in lifting the market,” Philstock Financials research manager Japhet Tantiangco said.
“Adding to this are the strengthening of the local currency and the positive cues from Wall Street,” he added.
Shares of services and holding firms counters slipped by 0.43 percent and 0.40 percent, respectively.
Property had the most improvement at 0.87 percent increase, followed by financials, 0.41 percent; industrial, 0.08 percent; and mining and oil, 0.05 percent.
Advancers led losers at 122 to 57, leaving 53 counters unchanged.
“Trading was lethargic however with net value turnover at P2.22 billion, below the year-to-date average of P5.16 billion. Foreigners were net buyers with net inflows at P73.10 million,” Tantiangco added.
Meanwhile, the Philippine peso strengthened to 57.97 against the US dollar on Thursday from a close of 58.45 to the greenback on Dec. 23.
It opened the day at 58.35 before trading between a low of 57.97 and a high of 58.35, with an average level for the day at 58.01 to the dollar.
Trade volume increased to USD1.76 billion from a level of USD1.18 billion before the market closed for the Christmas holidays.
