PSEi Gains Points Amid Bargain Hunting, Peso Strengthens on Positive Remittance Outlook

Manila — The Philippine Stock Exchange index (PSEi) experienced a modest gain of 11.79 points, or 0.20 percent on Tuesday, ending at 5,973.78, but falling short of returning to the 6,000-level.

According to Philippines News Agency, assistant research manager at Philstocks Financial, Inc., bargain hunting influenced the local index’s uptick after two consecutive days of decline. Alviar added that the net market value reached PHP3.9 billion.

Among the sectors, Property led the gainers, followed by Financials, Holding Firms, and Services. However, the Industrial and Mining and Oil sectors ended in negative territory. Notable movements among index members included Alliance Global, Inc. gaining 4.54 percent to reach PHP10.60, while Monde Nissin Corp. incurred a loss of 3.64 percent, bringing its value down to PHP8.20.

Meanwhile, the Philippine peso strengthened against the US dollar, closing at 56.73 compared to last Friday’s closing rate of 56.96. According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp., the currency’s strength can be attributed to the expected increase in Overseas Filipino Worker (OFW) remittances as the year-end holiday season approaches. This seasonal uptick has been a consistent pattern observed over many years.

The peso started the trading day at 56.80, a slight decrease from last week’s opening of 56.90. Throughout Tuesday, the currency traded between a low of 56.73 and a high of 56.86, with an average level for the day landing at 56.81 against the US dollar. However, the volume of trade decreased to USD860.9 million from USD1.65 billion the previous week.