Strong peso lifts market

MANILA, Philippines —  The stock market rallied past the 6,700 mark, buoyed by investor optimism over the peso’s gains against the dollar.

The benchmark Philippine Stock Exchange index advanced for a second straight session yesterday, rising by 0.26 percent or 17.3 points to close at 6,705.01.

Also ending in the positive territory was the broader All Shares index, which added 0.23 percent or 8.24 points to settle at 3,602.86.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market extended its climb as investors cheered the continuous improvement of the peso against the dollar.

The local currency closed at 58.25 against the dollar yesterday, stronger than the previous day’s 58.29.

“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,” Plopenio said.

Plopenio said net foreign fund inflow amounting to P385.98 million likewise helped in yesterday’s ascent.

“The bourse closed above the 6,700-resistance level after testing it in the past few days. However, net market value turnover was quite tepid at P4.04 billion, lower than the year-to-date average of P4.94 billion,” he said.

Sectoral gauges were again a mixed bag, with financials making the most improvement at 2.55 percent.

Mining and oil as well as holding firms, meanwhile, fell by 1.8 percent and 1.14 percent, respectively.

Market breadth was negative as decliners edged out advancers, 89 to 80, while 59 issues were unchanged.

Bank of the Philippine Islands claimed the largest gain among index members at 4.3 percent after reporting strong earnings in the first half of the year, while Bloomberry Resorts posted the biggest drop at 3.05 percent.