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Saturday, December 9, 2023

Philippine stocks rise; peso climbs to 55.39 a dollar

Philippine stocks bounced bank Tuesday to match the Wall Street rally.

The 30-company Philippine Stock Exchange index went up by 25.20 points, or 0.41 percent, to close at 6,208.82, while the broader all-shares index climbed 9.28 points, or 0.28 percent, to finish at 3,314.60.

“The index returned above the 6,200 level as a relatively benign market environment, an overnight rally in US shares and a favorable auction of 20-year US Treasuries spurred bargain-hunting in local equities,” China Bank Capital managing director Juan Paolo Colet said.

“We need to see more buying at these levels to build a case for a fresh rally,” he said.

Meanwhile, the peso climbed to a three-month high of 55.39 against the US dollar Tuesday from 55.55 Monday.

It was the local currency’s strongest finish since Aug. 4, 2023.

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