Stocks, peso end near flat ahead of BSP policy decision

MANILA – Both the local stock barometer and currency closed nearly flat on Tuesday's trading.

The Philippine Stock Exchange index (PSEi) slightly improved by 0.06 percent, or 4.11 points, ending at 6,608.36, while the broader all shares increased by 4.15 points to 3,511.91.

Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said bargain hunting backed the local bourse, which has now closed in the positive territory for two straight days.

"Investors maintained a cautious stance however, while waiting for the Bangko Sentral ng Pilipinas’ policy decision later this week leading to a struggle for the market to find direction. The digestion of the Q1 (first quarter) 2024 corporate earnings helped in bringing the local market to a positive close," Plopenio said.

Sector performances were mixed on Tuesday, with Property, Mining and Oil, and Holding Firms gaining during the day.

Losers were Services, Financials, and Industrial.

“Net market value turnover was tepid at PHP4.74 billion, lower than the year-to-date average of PHP4.96 billion. Foreigners were net sellers with net outflows amounting to PHP158.14 million,” Plopenio added.

Losers outnumbered gainers at 98 to 94, while shares of 39 listed firms left unchanged.

Meanwhile, the Philippine peso was nearly flat at 57.84 to a dollar from a close of 57.86 on Monday.

The local currency started the day weak at 57.85 from last day’s kick-off at 57.63.

The currency pair traded between 57.80 and 57.89, bringing the average level at 57.85 to the greenback.

The volume of trade slightly increased by USD3 million to USD1.135 billion from Monday’s volume of USD1.132 billion. (PNA)