MANILA – For the second day in a row, the Philippine stock market ended in positive territory on Wednesday, while the peso maintained a steady position. The Philippine Stock Exchange index (PSEi) saw a rise of 0.41 percent, closing at 6,119.88. Conversely, the All Shares index experienced a slight decline of 0.11 percent, finishing at 3,675 points. Japhet Tantiangco, research manager at Philstock Financials, attributed the continued upward trend to high hopes for strong corporate performances in the last quarter and throughout 2024, bolstered by encouraging signals from Wall Street. The Mining and Oil sector led the gains, with its index surging by 4.74 percent to 8,315.87. Other sectors that saw increases included Property, up by 1.83 percent to 2,257.32; Industrial, which rose by 1.16 percent to 8,854.93; and Holding Firms, which climbed by 0.98 percent to 5,126.65. On the downside, Financials and Services sectors saw their shares drop by 1.05 percent and 0.47 percent, respectively. The market saw more winners than losers, with 98 stocks advancing compared to 89 declining, and 59 remaining unchanged. On the currency front, the peso ended the day at 58.09 against the US dollar, a minor decrease of 0.06 from the previous day’s close of 58.15. The peso started the day at 58.20, fluctuating between 58.07 and 58.20, with an average rate of 58.12 to the dollar. Trading volume fell to USD1.25 billion from USD1.67 billion the day before.
Philippine Stock Market Rises Again, Peso Remains Stable
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