Peso, stock market recover

THE peso and stock market rebounded on Tuesday with investors said to have cheered the country's latest foreign direct investments (FDI) data.

The currency strengthened by six and a half centavos to P55.94 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) advanced by 20.10 points, or 0.29 percent, to 6,827.92.

The broader All Shares index likewise climbed, by 0.30 percent or 10.82 points, to 3,576.88.

The peso opened at P56:$1 and ranged from P55.905 to P56.05. Volume rose to P1.258 billion from the previous day's P948 million.

Philstocks Financial Inc. researcher Mikhail Plopenio and China Bank Capital Corp. Managing Director Juan Paolo Colet said that FDI in November, the highest since December 2021, had boosted investor sentiment.

Plopenio, however, said anticipation for US January inflation had "tempered" gains, and Colet said the results due Tuesday, US time, "could influence trading for the rest of the week."

Market participation improved, resulting in a value turnover of P4.6 billion — slightly higher than the year-to-date average of P4.59 billion.

Foreigners were net buyers, recording a net inflow of P80.96 million.

All sector indices closed in green territory, with industrials leading via a 0.53-percent increase.

Advancers outnumbered decliners, 108 against 79, while 55 were unchanged.

Read More: https://www.manilatimes.net/2024/02/14/business/top-business/peso-stock-market-recover/1932460