The Philippine Stock Exchange Index (PSEi) edged up 17.30 points or 0.26 percent to close at 6,705.01, bolstered by the peso’s strength against the US dollar.
Despite the gain, trading was subdued with a volume of 1.08 billion shares worth P4.61 billion, and losers outnumbered gainers 89 to 80.
Banks led the index rise, though half of the sub-indices fell, raising concerns about potential economic slowdowns.
Regina Capital’s Luis Limlingan noted the market’s shift away from tech stocks, while Philstocks Financial’s Mikhail Plopenio attributed the climb to the peso’s improvement and positive growth projections from the Asian Development Bank.
Investors were encouraged by the Philippines’ expected strong economic performance alongside Vietnam in the coming years.
Source: PhilNews24 | July 19, 2024
