Peso hits 19-mo low; PSEi up 0.59%

THE peso hit a 19-month low on Monday while the stock market managed a positive start to the week as investors hunted for bargains.

The currency weakened by 17 centavos to close at P58.68 against the greenback, its lowest close since Nov. 3, 2022's P58.80:$1. Its most recent low was P58.635 last Thursday.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the dollar had gained against major currencies and that softer Purchasing Managers' Index (PMI) and higher hot money outflows also weighed on the peso.

The currency opened trading at P58.47:$1 and ranged from P58.41 to P58.7. Volume reached P1.315 billion, slightly lower than the P1.546 billion recorded in the previous session.

The benchmark Philippine Stock Market index, meanwhile, added 37.64 points, or 0.59 percent, to close the day at 6,470.74.

The broader All Shares index gained 0.21 percent, or 7.18, to 3,471.05

«Investors continued to hunt for bargains, buoyed by China's strong factory activity data,» Philstocks Financial Inc. research associate Claire Alviar said.

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«This positive momentum lifted market sentiment not only in China but also across the region, including the Philippines,» she added.

Luis Limlingan, managing director at Regina Capital Development Corporation, noted, «Despite a slight dip in the S&P PMI for May to 51.9 from 52.2 in April, the local bourse opened the week on a positive note.»

«Investors now await the [May inflation] release on June 5,» he added.

Sector results were mixed, with financials leading gainers with a 3.19-percent rise. Services fell the most, by 1.60 percent.

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Decliners outnumbered advancers, 103 to 90, while 45 were unchanged.