MANILA, Philippines — The local stock market sustained its momentum from last week, advancing for a third consecutive session as optimism on the market debut of GCash overcame concerns over a weakening peso, which sank to a fresh record low of 63.09.
The benchmark Philippine Stock Exchange index rose by 0.26 percent or 15.2 points to end the session at 5,797.90.
The broader All Shares index likewise grew by 0.46 percent or 14.67 points, settling at 3,233.48.
Luis Limlingan of Regina Capital said the local bourse ended higher as investors positioned themselves ahead of the anticipated listing of Mynt Inc.
He said market sentiment was further supported by a correction in crude oil prices, easing some concerns over inflationary pressures.
“However, investors remained cautious ahead of the Bangko Sentral ng Pilipinas (BSP)’s interest rate decision on Thursday, with the outcome expected to provide further guidance on the monetary policy outlook,” Limlingan said.
Sectors were a mixed bag, with those in the green with the slight upper hand. Holding firms posted the biggest gain at 1.08 percent, while services lost the most at 0.42 percent.
Total value turnover stood at P5.87 billion. Advancers outnumbered decliners, 99 to 67, while 81 issues were unchanged.
Meanwhile, the peso weakened to another record low as it closed at 63.09 per dollar yesterday, weaker by 10.5 centavos from Friday’s 62.985 finish. It surpassed the previous record closing low of 63.06 recorded on Oct. 15.
Chinabank chief economist Domini Velasquez said the peso was broadly stable despite renewed strength in the greenback, which also gained against major currencies such as the Japanese yen, British pound and euro.
She said the peso’s relative stability compared with other currencies suggests that its recent weakness has been driven more by the broader strength of the dollar and other external factors than by domestic sentiment.