THE peso ended the first trading week of 2025 down against the dollar, but the stock market advanced with investors said to have welcomed the latest manufacturing data.
The currency weakened by 29 centavos to P58.2:$1 while the Philippine Stock Exchange index (PSEi) added 53.42 points, or 0.82 percent, to close Friday at 6,603.81.
The broader All Shares tracked the benchmark index with a 0.81-percent (30.38-points) gain to 3,785.48.
The Philippine Stock Exchange building at BGC, Taguig City, on the first day of trading of the year, Jan. 2, 2025. PHOTOS BY J. GERARD SEGUIA
The peso opened at the day’s low of P58.05 and traded as high as P58.2. Volume rose to P1.377 billion from P1.195 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the decline was due to the dollar having gained against major global currencies and Bangko Sentral ng Pilipinas announcing wider current account deficit projections.
Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said “the local market extended its rise as investors cheered the S&P Global Philippines Manufacturing PMI (purchasing managers index) for December which stood at 54.3.”
“The figure boosted investors’ confidence towards the local economy,” he added.
Tantiangco, however, said trading was “lethargic” as the P3.6 billion net value turnover was below last year’s average of P5.15 billion.
“Foreigners were net sellers this Friday with net outflows amounting to P171.99 million,” he added.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said “Philippine shares continued with the bargain hunting as funds continue to position for the year ahead, while awaiting for other foreign funds to return from an extended holiday.”
All sector indices closed Friday in the green, with financials up the most by 1.42 percent.
On a company basis, gainers outnumbered decliners, 126 to 84, while 46 were unchanged.
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