MANILA – The Philippine stock market and the peso currency both saw gains on Monday, with the stock market rallying for three consecutive days and the peso appreciating against the US dollar.
According to Philippines News Agency, Inc. assistant research manager Claire Alviar, the Philippine Stock Exchange index (PSEi) climbed to 6,078.03, marking a significant increase of 88.76 points, while the All Shares index also rose by 29.10 points to end at 3,292.15. The boost in the PSEi was attributed to positive manufacturing data and a decrease in US long-term Treasury yields, along with optimistic projections for upcoming economic reports, including inflation and GDP growth rates.
The trading session concluded with a net market value turnover in the local stock market reaching PHP 3.21 billion. Advancers marginally led decliners, with 87 stocks ending higher, 86 closing lower, and 51 remaining unchanged.
In the currency market, the peso ended the day at a stronger position of 55.91 to a US dollar, improving by 0.19 from the previous week’s close of 56.10. Opening at a robust 55.80, down from Friday’s start of 56.60, the peso ranged between 55.73 and 55.93 throughout the day, with an average of 55.83 against the dollar. However, the volume of trade decreased to USD 1.15 billion from the prior session’s USD 1.84 billion.