MANILA - The stock market saw a modest uptick and the peso ended stronger on Monday, following a directive by President Ferdinand R. Marcos Jr. to facilitate the importation of agricultural products.
According to Philippines News Agency, assistant research manager Claire Alviar noted that easing import restrictions is expected to alleviate short-term supply issues and subsequently help curb inflation pressures stemming from these shortages.
The Philippine Stock Exchange index (PSEi) nudged up by 1.08 points or 0.02 percent, closing at 6,444.08, while the All Shares index also experienced gains, rising by 0.12 percent to 3,425.71. Sector performance was mixed; Mining and Oil surged by 3.10 percent to 8,477.15, followed by Property, which increased by 1.66 percent to 2,458.37, and Industrial, which rose by 0.28 percent to 8,399.44. Conversely, sectors like Services, Holding Firms, and Financial saw declines, though none exceeded 0.67 percent.
Alviar highlighted that despite the positive market reaction, overall investor participation remained cautious. This was evidenced by a net market value turnover of only PHP3.41 billion, which is significantly lower than the month-to-date average of PHP5.16 billion. In terms of market breadth, advancers outnumbered decliners, with 96 stocks advancing, 82 declining, and 47 remaining unchanged.
The peso also exhibited strength, closing at 57.54 against the US dollar, a slight improvement from Friday’s close of 57.65. This strength was noted despite an opening weaker than the previous week’s start. The peso fluctuated between a low of 57.41 and a high of 57.60 throughout the day, with the weighted average resting at 57.51 against the dollar. Trade volume for the peso was lower than the previous week, totaling USD1.16 billion compared to USD1.85 billion.