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The main stock index for the Philippines kept growing and gained ground this week, following the lead of its counterparts in the United States. The peso also performed well, strengthening to PHP56 against the US dollar.

PSEi increased by 12.26 points, or 0.19 percent, to 6,606.00 points on the Philippine Stock Exchange.

On the other hand, All Shares increased by 0.04 percent, or 1.27 points, to finish nearly steady at 3,506.47 points.

Most sectors indices saw gains throughout the day, including Holding Firms, 0.33 percent, Financials, 0.78 percent, Mining and Oil, 0.92 percent, and 0.33 percent.

However, Property and Industrial both experienced declines of 1.44 and 0.31 percent, respectively.

Almost 787 million shares, or PHP4.27 billion, in thin volume.

At 97 to 77, more shares advanced than declined, while 56 were unchanged.

After a six-day decline, the Philippine peso rose relative to the US dollar to conclude the day at PHP56.82 as opposed to PHP57.18 on Thursday.

Averaging PHP56.918 throughout the day, it moved between the opening price of PHP57.05 and PHP56.78.

USD1.15 billion was the volume total, almost matching the previous day’s level.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corp., ascribed the peso’s performance to a “healthy correction” in a report, citing increases in the local stock exchange, which he claimed followed Wall Street.

About the US dollar’s general downward correction, Ricafort said it is consistent with other currencies “amid some measures by some Asian central banks to stabilize their respective local currencies after the recent increase in the US dollar amid hawkish signals from the Fed (Federal Reserve) and the European Central Bank.”

He claimed that the reduction also influenced the peso’s strength in oil prices to their lowest point in the previous seven to eight months.

Positive domestic economic news supported the peso, including the lowest unemployment rate recorded since the pandemic’s onset in August 2022 and steadily rising manufacturing figures.

According to him, the peso’s immediate support range is between PHP56.40 and PHP56.70, and the next resistance level is between PHP57.25 and PHP57.50.

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