Daily TribuneBanking stocks led gainers, Ayala Corp. topped performers among index constituents, while the peso continued its upward climb, strengthening further to P58.58 against the dollar, improving from yesterday’s P58.69 close.
TRADING at the local bourse concluded in positive territory with investors remaining optimistic that the BSP could implement another policy rate cut following the country’s recent GDP and inflation data releases. Philippine peso appreciation against the US dollar also helped boost the market.
The Philippine Stock Exchange Index (PSEi) ended Friday slightly higher, gaining 0.14 percent to 6,390.91.
Trading at the local bourse was concluded in positive territory with investors remaining optimistic that the Bangko Sentral ng Pilipinas (BSP) could implement another policy rate cut following the country’s recent GDP and inflation data releases. The appreciation of the Philippine peso against the US dollar also helped support the market.
Trading activity stayed subdued, with net value turnover reaching P5.45 billion. Foreign investors were net buyers, posting P553.15 million in net inflows.
Banking stocks led gains
Across sectors, banking stocks led the gains, rising 0.79 percent, while mining stocks lagged, declining 1.52 percent. Market breadth favored decliners, which outnumbered advancers 122 to 80.
Among index constituents, Ayala Corporation was the day’s top performer, climbing 3.15 percent to P539.50.
Meanwhile, the Philippine peso continued its upward climb, strengthening further to P58.58 per US dollar, improving from yesterday’s P58.69 close.
Market expectations that the BSP may soon cut interest rates, supported by manageable inflation and softening economic growth signals, boosted confidence in the domestic financial environment and encouraged peso demand.
Investor confidence in the peso
The recently released inflation data showing stable price growth reinforced macroeconomic stability, helping maintain investor confidence in the peso and Philippine assets.
In addition, foreign investors returning to Philippine equities, as reflected by strong net inflows, supported the peso by increasing demand for the local currency to fund investments.
