Manila - The Philippine stock market closed higher on Friday, buoyed by investors seeking bargains after two consecutive days of decline. Meanwhile, the peso experienced minimal fluctuation, moving sideways in the currency market.
According to Philippines News Agency, Inc. assistant research manager Claire Alviar, the Philippine Stock Exchange index (PSEi) saw an increase of 21.45 points, closing at 6,245.18. The All Shares index also rose, gaining 4.39 points to end at 3,332.22. However, not all sectors witnessed growth, with Financials and Mining and Oil sectors falling by 7.12 points and 34.09 points, respectively. Alviar attributed the stock market's positive performance to investors capitalizing on lower-priced stocks and optimism that the Federal Reserve may not further raise interest rates, following the slowdown in the US' personal consumption expenditures price index in October.
Trading volume on the stock market reached 1.4 billion shares, with a total value of PHP4.4 billion. The market saw more advancers than decliners, with 92 stocks advancing, 79 declining, and 41 remaining unchanged.
In the currency market, the Philippine peso closed nearly unchanged at 55.4 to the US dollar, slightly shifting from the previous day's close of 55.485. The peso opened at 55.55, slightly weaker than Thursday's opening of 55.45. Throughout the day, the currency pair fluctuated between 55.39 and 55.57, averaging at 55.48. The total trade volume was USD1.1 billion, a decrease from Thursday's USD1.2 billion.