Phl stocks piggyback rising peso

The local stock market on Thursday rose by 17.30 points, or 0.26 percent, to close at 6,705.01 level.

Sectoral indices were mixed, with Banks gaining the most by 2.55 percent, followed by the Industrial, up by 0.56 percent, and Services by 0.26 percent.

The Miners meanwhile, led the red territory down by 1.80 percent.

The PSE index increased on Thursday as investors cheered the continuous improvement of the Philippine peso against the US dollar, said Philstocks Financial Inc. research and engagement officer Mikhail Plopenio.

He added that the Asian Development Bank’s projection of the country leading the ASEAN region along with Vietnam in terms of economic growth this year and 2025 cheered investors.

“Net foreign fund inflows amounting to P385.98 million also helped in today’s climb,” he added.

The peso closed at P58.25 from a dollar, which, according to Rizal Commercial Banking Corporation chief economist Michael Ricafort, marks the third consecutive trading day of the improvement of the exchange rate.

“The US dollar/peso exchange rate also eased/improved after tighter reportorial requirements on foreign exchange transactions to help improve transparency and compliance with regulations,” Ricafort said in a Viber message, adding that the peso appreciated recently, given the continued gains in the local bourse to among 3.5-month highs.

The broader all-shares index stregthened by 0.23 percent, or 8.24 points, to finish at 3,602.86.

Net market value turnover was P4.61 billion, lower than the year-to-date average of P4.94 billion.