The local stock market edged up on cautious trading, bringing the PSEi back to the 6,700 level as the peso strengthened against the US dollar.
The main index rose by 17.30 points or 0.26 percent to close at 6,705.01 as Banks led the advance although half of the sub-indices retreated. Volume was low at 1.08 billion shares worth P4.61 billion as losers outnumbered gainers 89 to 80 with 59 unchanged.
“Philippine shares continued to rally as regional stocks moved out of the tech driven firms,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted though that “analysts worry that this shift may not protect stocks from potential economic slowdown challenges.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the local market extended its climb as investors cheered the continuous improvement of the Philippine Peso against the US Dollar.”
“Also, the Asian Development Bank’s projection of the Philippines’ leading the ASEAN region together with Vietnam in terms of economic growth for 2024 and 2025 cheered investors,” he noted.