The stock market is approaching 6800; pesos again

The stock market and the peso continued to strengthen on Tuesday, with the Philippine Stock Exchange’s benchmark index (PSEi) soaring above 6700 and the currency hitting a nearly three-month high again.

Seeking last-minute bargains, the PSEi index gained 99.31 points, or 1.49 percent, to close at 6780.78, while the broader All Shares also jumped 32.81 points (0.94 percent) up to 3513.98.

Meanwhile, the peso rose 8 centavos to close at 56.56 pesos: $1. It was last stronger on September 1, when it reached 56.42 pounds per dollar.

“So far, the market remains optimistic against the backdrop of improved investor sentiment. We see support at 6600 with immediate resistance at 6800,” said Claire Alviar, a research associate at Philstocks Financial Inc.

Rizal Commercial Banking Corp. Meanwhile, chief economist Michael Ricafort said the index rose “as fears of protests in China eased due to a heightened security presence that prevented a repeat of the demonstrations seen in some cities over the weekend.”

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“PSEI also rose after the average auction yield on 5-year Treasuries at 6.568% was down 0.573% from 7.131% in the previous 5-year auction on November 8, 2022,” he added.

Also contributing, Ricafort continued, were the expected seasonal increase in revenues, Standard and Poor’s raising its growth forecast for the Philippines, and the House panel’s approval of a government downsizing bill.

Peso trading opened at 56.7 pesos and fluctuated between 56.5 and 56.72 pesos. The total volume for the day was $1,030.19 billion, up from $806.9 million in previous trading.

Meanwhile, over 2.23 billion shares were traded on the stock market, worth 23.47 billion pesos.

Industries were mixed with real estate gaining 3.57 percent, while manufacturing, mining and oil closed down 0.77 percent and 0.41 percent, respectively.

The slumpers outperformed those who advanced from 103 to 88, while 42 remained unchanged.