MANILA – The local bourse closed strong on Friday on the back of better year-on-year employment rate figures for July 2024, while the Philippine peso was at its strongest in five and a half months.
The Philippine Stock Exchange index (PSEi) ended the week increasing by 0.41 percent to 6,936.09 points, with All Shares improving by 0.36 percent to 3,752.86 level.
Philstocks Financial research manager Japhet Tantiangco said aside from the lower July unemployment rate year-on-year, investors continued to digest the easing of the August inflation.
“The decline of inflation from July to August is seen to strengthen the case for the continuation of the BSP’s monetary policy easing. Investors also appreciated the local currency’s strengthening against the US dollar,” Tantiangco said.
At the end of the trading, only Services and Mining and Oil shed their counters by 0.82 and 0.15 percent, respectively.
The biggest winner for the day was Holding Firms, gaining by 0.96 percent; followed by Financials, up by 0.89 percent; Property, up by 0.87 percent; and Industrials, up by 0.22 percent.
“Trading was quite active with net value turnover at PHP5.85 billion, above the year-to-date average of PHP5.01 billion. Foreigners were net buyers with net inflows amounting to PHP407.48 million,” Tantiangco said.
Meanwhile, the peso ended the day at its strongest level since March 18, 2024.
The exchange rate at the end of week closed at 55.91 to the US dollar, stronger by 0.30 than Thursday’s closing of 56.21 against the greenback.
The peso opened strong at 56 from its previous kick-off at 56.5 a dollar.
The currency pair traded between 55.88 and 56.07, bringing the average level for the day at 55.96 to the greenback.
Volume of trade went down to USD1.51 billion from USD1.57 billion. (PNA)
