Peso slips; PSEi gains due to bargain-hunting
THE peso ended a two-day run of gains on Wednesday as the dollar strengthened while bargain-hunting allowed the stock market to post a slight rebound.
The currency weakened by 2 centavos to P58.51:$1, while the benchmark Philippine Stock Market index (PSEi) edged up by 13 points, or 0.13 percent, to end the day at 6,348.34.
The broader All Shares index was basically flat, down 1.71 points, or 0.05 percent, to 3,698.53.
The peso opened at the day's trading low of P58.35:$1 and hit a high of 58.605, with volume slightly lower at P1.592 billion from P1.6 billion in the previous session.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the dip came as the dollar recovered against major global currencies following the inauguration of US President Donald Trump.
Philstocks Financial Inc. research manager Japhet Tantiangco, meanwhile, said "the local market bounced back as investors hunted for bargains."
"Helping in today's session were the positive cues from Wall Street as well as AMRO's projection of the Philippines being the 2nd fastest growing economy in Southeast Asia this 2025," he added.
Trading, however, was said to be "anemic" with net value turnover at P4.09 billion.
"Foreigners were net sellers with net outflows at P404.25 million," Tantiangco said.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said "Philippine shares climbed quietly as investors began to assess the market effects of President Trump's executive orders."
"Overnight, US stocks rose Tuesday as Wall Street viewed President Trump's trade remarks as softer than expected," he noted.
All but one of the sector indices closed the red with mining and oil down the most by 0.54 percent. Services was the sole gainer, up by 0.71 percent.
On a company basis, decliners outnumbered gainers, 103 to 73, while 65 were unchanged.
Source: https://www.manilatimes.net/2025/01/23/business/top-business/peso-slips-psei-gains-due-to-bargain-hunting/2043063