The PESO and Stock Market Have Rebounded

On Tuesday, the peso and stock market staged a recovery, reportedly buoyed by the country’s latest foreign direct investments (FDI) data.

The currency strengthened by six and a half centavos, reaching P55.94 against the dollar, while the benchmark Philippine Stock Exchange index (PSEi) rose by 20.10 points, or 0.29 percent, closing at 6,827.92. Similarly, the broader All Shares index climbed by 0.30 percent, or 10.82 points, to 3,576.88.

The peso opened at P56:$1 and fluctuated between P55.905 and P56.05, with trading volume increasing to P1.258 billion from the previous day’s P948 million.

Analysts attributed the positive market sentiment to November’s FDI, which marked the highest inflow since December 2021. However, some caution was expressed due to the anticipation of US January inflation data, with expectations that it could influence trading for the rest of the week.

Market activity improved, with a value turnover of P4.6 billion, slightly above the year-to-date average of P4.59 billion. Foreign investors were net buyers, contributing to a net inflow of P80.96 million.

All sector indices closed higher, with industrials leading the gains with a 0.53-percent increase.

Business News: The PESO and Stock Market Have Rebounded