Philippine Stock Exchange Benefits from Strong Foreign Direct Investment; Peso Weakens

Manila — The Philippine Stock Exchange index (PSEi) experienced a notable rise on Monday, as increased net foreign direct investment (FDI) inflows in February provided a boost, while the Philippine peso weakened against the US dollar. The PSEi climbed by 92.32 points, or 1.42 percent, concluding the day at 6,604.25 points. The All Shares index also saw an increase, adding 30.63 points to finish at 3,507.76 points.

According to Philippines News Agency, Inc. assistant research manager Claire Alviar, the uplift in the bourse’s performance was largely due to bargain hunting following two days of market declines. “Additionally, strong February foreign direct investment data bolstered sentiment,” Alviar stated. Sectoral indices reflected this positive trend, with Services leading the gains at 3.19 percent, followed by Financials at 2.70 percent, and Property at 0.92 percent.

On the other side of the financial spectrum, the Philippine peso closed weaker, settling at 57.86 against the US dollar, a downturn from last week’s closing of 57.42. Throughout the day, the peso fluctuated between 57.59 and 57.87, averaging 57.73. Trading volume escalated to USD 1.13 billion, up from the previous session’s USD 1.03 billion.

The stock market’s breadth was positive, with 118 gainers leading 74 losers, while 49 shares remained unchanged.