Business, Finance & Technology
Business Technology, Finance Technology & Information Technology
PSEi up on PBBM’s successful visit to Japan, the peso declines
The stock market responded favorably to President Ferdinand R. Marcos Jr.’s productive official working visit to Japan this week, although the peso concluded the week in a range.
On Friday, the Philippine Stock Exchange index (PSEi) increased 35 points, or 0.50 percent, to reach 6,876.79.
Additionally, all shares increased by 9.67 points to 3,653.17.
With the exception of Services, every counter had an increase in shares, led by Industrial, which rose 106.84 points, or 1.10 percent, to 9,851.45.
Other sector indices increased by less than 1%.
Following holding companies, which had a gain of 32.39 points to 6,644.65, were mining and oil (9.08 points to 11,418.11), financials (6.82 points to 1,831.11), and property (6.05 points to 2,999.27).
The Services Index, on the other hand, fell 2.76 points to 1,723.74.
When President BBM (Bongbong Marcos) returns over the weekend from his trip to Japan, investors are “very confident that the visit would be productive,” according to Regina Capital Development Corp. head of sales Luis Limlingan.
Shares of 60 listed companies remained steady, with advancers narrowly outpacing decliners 93 to 90.
Trade volume totaled PHP5.2 billion.
In the meantime, the peso concluded the week in a range of 54.43 against the US dollar, up marginally from 54.45 on Thursday.
The peso opened at 54.65, up from the previous day’s opening of 54.86.
The currency pair experienced trading from a low of 54.40 to a high of 54.70, with an average level of 54.54 for the day.
The volume of transaction on Friday decreased from the previous day’s USD1.37 billion to USD1.25 billion.
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