The Philippine Stock Exchange index (PSEi) and the peso ended on a high note as the nation prepared for the Christmas holidays, marking a robust close for local financial markets.
The PSEi gained for the second consecutive session on Monday, rising by 2.01 percent to finish at 6,534.91 points. The broader All Shares index also climbed by 1.40 percent to settle at 3,727.23 points.
All sectors closed in positive territory, led by Industrial stocks, which surged by 2.97 percent. Mining and Oil shares followed with a 2.23 percent increase to 7,526.29 points, while Property rose by 2.31 percent to 2,368.11. Holding Firms advanced by 1.78 percent to 5,633.93, Financials grew by 1.08 percent to 2,179.86, and Services edged up by 1.02 percent to 2,095.10.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the market’s performance to “possible window-dressing activities before the accounting year-end” and the anticipation of just two trading days remaining in 2024. He also noted the positive impact of the peso’s stronger performance against the US dollar.
Market breadth was positive, with 110 gainers outpacing 72 losers, while 53 stocks remained unchanged.
On the currency front, the Philippine peso strengthened further, closing at ₱58.45 against the US dollar, improving by 0.36 from the previous trading day. The peso opened stronger at ₱58.70, compared to last week’s kick-off at ₱58.97. It traded within a range of ₱58.45 to ₱58.70, with an average exchange rate of ₱58.57 to the greenback.
However, trading volume in the foreign exchange market saw a slight dip, registering at $1.18 billion, down from $1.33 billion last week.
The twin gains in the stock market and the peso reflected optimism among investors and traders as the year-end approached, bolstered by stable economic fundamentals and favorable market sentiment.