NextGen Day

MANILA – Friday’s trading at the local bourse showed positive signs as investors’ confidence improved, while the Philippine peso depreciated against the United States dollar.

The benchmark Philippine Stock Exchange index (PSEi) closed with an increase of 34.06 points, reaching 6,647.56 level.

All shares also experienced an uptick of 14.99 points, closing at 3,530.90, with all counters finishing in the green, except for the Industrial sector.

“The narrow balance of payments (BOP) deficit in June further contributed to the positive sentiment. Although the country’s BOP position remained in deficit in June, it showed improvement compared to the previous year,” said Claire Alviar, research associate at Philstocks Financial Inc.

The Bangko Sentral ng Pilipinas reported a BOP deficit of USD606 million as of end-June 2023, which is lower compared to the USD1.574 billion deficit in the same period last year.

“Foreigners also helped (in) lifting the index, recording a net inflow of PHP374.04 million,” Alviar added.

Total shares traded on Friday reached over 776 million, amounting to PHP8.75 billion, marking the highest value of transactions for the week.

Among listed firms, 96 reported increments, 77 incurred losses on shares, and 49 remained unchanged.

“Among index members, Semirara Mining and Power Corp. was at the top, gaining 3.57 percent, while Manila Electric Company was at the bottom, losing 1.77 percent,” Alviar said.

Meanwhile, the peso weakened to 54.76 against the US dollar, compared to 54.52 on Thursday.

The local currency opened at 54.68 from the previous trading’s opening at 54.55.

The peso and dollar exchange rate fluctuated between a low of 54.56 and a high of 54.76, posting an average level of 54.67 to a dollar.

Trade volume increased further to USD1.17 billion on the last trading day of the week, up from USD1.14 billion the previous day.

Keywords: Stocks, investor confidence, PSEi, Philippine peso, BOP deficit, foreign investments, trade volume, currency exchange.

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