Philippine Shares and Peso Strengthen, Reflecting Positive Outlook for 2024

Manila, Philippines – The Philippine stock market and the national currency both showed signs of strength in the early trading sessions of this week. The Philippine Stock Exchange index (PSEi) and the peso experienced notable gains on Monday.

According to Philippines News Agency, head of sales Luis Limlingan, the uptick in the stock market is a result of continued buying throughout January, with investors placing their bets on sectors expected to perform well in 2024. The PSEi rose by 37.27 points, closing at 6,680.45, while the All Shares index also saw an increase, gaining 17.16 points to end at 3,523.77.

The positive momentum was evident across all sectoral indices, with Mining and Oil leading the way, registering a rise of 128.60 points. The market saw more advancers than decliners, with 107 stocks up and 78 down, while 52 issues remained unchanged.

Meanwhile, the Philippine peso also strengthened, appreciating by 0.12 to close at 55.88 against the US dollar, up from the previous rate of 56. The currency opened the day at 55.85, stronger than its previous opening of 56.03. Throughout the day, it fluctuated between 55.77 and 55.95, averaging at 55.88.

The trading volume for the day was recorded at USD 1.31 billion, a decrease from last week’s volume of USD 1.7 billion.