Manila, Philippines – The Philippine Stock Exchange index (PSEi) experienced a slight downturn in its recent trading session, while the Philippine peso exhibited strength against the US dollar. This mixed performance in the financial market reflects various economic factors influencing investor sentiment and currency valuations.
According to Philippines News Agency, Inc. assistant research manager Claire Alviar, the local bourse declined due to the lack of strong positive catalysts. Alviar pointed out that the drop of 3.04 percent in SM Investment Corporation's stock added pressure to the market. Despite the overall market decline, the service and property sectors managed to register gains. The net market value turnover for the day stood at PHP3.33 billion, with the majority of the index members closing as losers, while 66 were gainers, and 42 remained unchanged.
Meanwhile, the Philippine peso showed resilience for two consecutive trading days, finishing strong at 55.55 against the US dollar. The peso gained 0.12 from the previous day's finish, opening strong at 55.54 and trading between 55.45 and 55.56 throughout the day. The weighted average level was at 55.49, with the volume of trade increasing to USD1.51 billion from USD1.18 billion last week.