THE peso and stock market ended the week on a positive note with sentiment said to have been lifted by latest economic data.
The currency strengthened by 14 centavos to P58.61 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) added 21.33 points, or 0.33 percent, to close Friday at 6,411.91.
The broader All Shares index also rose, by 0.26 percent or 8.96 points, to 3,486.66.
The peso opened at P58:70:$1 and ranged from P58.58 to P58.715. Volume slipped to P1.166 billion from Thursday's P1.205 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso appreciated after news of an increase in net foreign portfolio investments.
He added that the peso also strengthened after the Bangko Sentral ng Pilipinas (BSP) signaled possible intervention if needed.
Philstocks Financials Inc. research associate Claire Alviar, meanwhile, said that "the local bourse sustained its rally as investors digested the latest cues from the BSP meeting."
"Investors cheered the BSP's signal of a possible rate cut by their August meeting, as well as its downward revision of the inflation forecast for this year and next year to 3.1 percent, within the government's target of 2–4 percent," she added.
"The market returned above the 6,400 level, with a strong net market value turnover at P5.92 billion, higher than the P4.4 billion average this month."
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said that the "Philippine shares managed to stage another rally and close above the 6,400 [level] to end the semester as investors rebalanced positions."
"Foreign funds are also awaiting a fresh new batch of economic data, specifically the PCE (personal consumption expenditure) inflation print [in the US], which could give hints to the timing of the Fed's (Federal Reserve) timing of cutting interest rates," he added.
Sector results were mostly higher, with holding firms up the most by 0.93 percent. Mining and oil and financials were the only decliners, down 0.86 percent and 0.51 percent, respectively.
Gainers outnumbered decliners, 109 to 85, while 52 were unchanged.
Read The Rest at :
