PSEi Gains on Bargain Hunting; Philippine Peso Remains Stable

Manila, Philippines – The Philippine Stock Exchange index (PSEi) continued its upward trend for the third consecutive day, driven by bargain hunting activities. The PSEi rose by 23.30 points to close at 6,269.50, while the All Shares index also increased by 20.21 points, ending at 3,348.22.

According to Philippines News Agency, head of sales at Regina Capital Development Corp., the local shares saw quiet trading but picked up due to optimism among investors anticipating a boost in the US economy post-Black Friday. The trading session witnessed mixed results in sectoral indices, with Property, Holding Firms, and Services sectors gaining, while Industrial, Mining and Oil, and Financials sectors experienced declines.

Despite the overall positive movement in the stock market, there were more decliners (94) than winners (78), with 51 firms remaining unchanged. Meanwhile, the Philippine peso closed the week almost unchanged at 55.38 against the US dollar, a slight shift from the previous day’s closing of 55.39. The peso opened strong at 55.35 and traded in a range between 55.30 and 55.49, with the weighted average for the day settling at 55.41 to the US dollar. The trading volume on Friday was reported at USD1.19 billion, higher than the previous day’s volume of USD1.07 billion.