MANILA, Philippines — The local stock market experienced a rebound as bargain hunters stepped in, although the Philippine peso ended the day with minimal changes. This mixed financial landscape marked the beginning of the week's trading, reflecting a cautious optimism among investors.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) closed higher at 6,853.29, marking a gain of 30.97 points or 4.5 percent. However, the index did not manage to break past the 6,900-level despite the day's gains. The overall market, represented by the All Shares index, also saw an increase, rising by 10.43 points or 0.29 percent to 3,570.90.
Alviar noted that the market's positive performance was partially driven by a 2.7 percent year-on-year increase in overseas Filipino remittances for January 2024, which supported the local stock barometer. Despite the uplift, investor sentiment remained cautious, particularly in anticipation of the upcoming Federal Reserve meeting.
Sector performance varied, with only the Services and Holding Firms sectors ending in negative territory, declining by 1.05 percent and 0.40 percent, respectively. Meanwhile, Financials led the market gains, with a 2.95 percent increase, followed by the Property, Mining and Oil, and Industrial sectors. The day concluded with 101 advancers surpassing 97 decliners, while 39 counters remained unchanged.
In the currency market, the Philippine peso showed little movement, closing the day slightly weaker at 55.58 against the US dollar, compared to Friday's finish of 55.53. The local currency had a weak opening at 55.65 and ranged between 55.52 and 55.70 throughout the day, with the weighted average settling at 55.61 to a dollar. The trading volume registered USD1.01 billion, a decrease from the previous session's USD1.2 billion.