Index up as peso strengthens at P56 vs dollar

The local bourse on Tuesday rebounded by 37.08 points, or 0.56 percent, to close the trading day at 6,650.44 as the peso continued to appreciate the US dollar.

Sectors were split, with Properties leading the gainers up by 1.69 percent, followed by Industrials by 0.56 percent, and Holding Firms by 0.60 percent.

Miners and Banking, on the other hand, were in red, dropping by 1.09 percent and 0.18 percent, respectively.

Among indices, Ty family-led GT Capital Holdings, Inc. gained the biggest by 4.73 percent.

Positive performance

The stock market performed positively as the peso strengthened against the US dollar, Philstocks Financial Inc. senior research analyst Japhet Tantiangco said, adding that investors’ appreciation of second-quarter corporate results also pulled the market up.

The net market value turnover grew to P4.9 billion.

Meanwhile, Decliners outnumber Advancers at 100 to 81, while 64 names remain unchanged.

The peso closed at P56.96 from a dollar.

Ninth day

According to Rizal Commercial Banking Corporation chief economist Michael Ricafort, this is the 9th day in 10 trading days that the US dollar/peso exchange rate has improved by 0.356, or 0.6 percent.

“(This is) the strongest for the peso in nearly 4 months or since April 15, 2024, when it closed at 56.808, a good sign that the peso further appreciated recently from familiar ranges — a good signal for the financial markets and for the overall economy,” he added.