Peso, stocks end up at trading week's close

THE peso edged up and the stock market also closed higher to end the week on a positive note.

The currency strengthened by one centavo to P55.38 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) added 23.3 points, or 0.37 percent, for a 6,269.50 finish.

The broader All Shares rose 0.61 percent, or 20.21 points, to 3,348.22.

The peso opened trading at P55.35:$1 and ranged from P55.3 to P55.49. Volume reached P1.189 billion, higher than the P1.066 billion recorded in the previous session.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said hawkish signals from local monetary authorities and a slight weakening of the dollar were among the factors that supported the peso.

Claire Alviar, Philstocks Financial Inc. research associate, said the PSEi rose higher «thanks to the strengthened peso against the dollar.»

«This positive momentum was further fueled by robust auto sales in October, indicating resilient consumer demand despite high inflation and elevated interest rates,» she added.

A pause in the Israel-Hamas war, Alviar continued, also contributed to a more positive market sentiment.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said local shares «traded quietly» during the session.

Investors later moved to hunt bargains, he added, given expectations that the US economy would receive a boost from Black Friday sales.

Sectoral results were mixed with property leading the gainers at 1.18 percent and industrials down the most by 0.24 percent.

Just over 445.7 million shares worth some P2.68 billion changed hands.

Decliners outnumbered advancers, 94 against 78, while 51 were unchanged.