Window dressing lifts stocks, peso falls to new low

MANILA, Philippines — The local stock market ended a three-day slump yesterday buoyed by end-of-quarter window dressing, but the peso slid to another record low amid persistent external pressures.

The bellwether Philippine Stock Exchange index rose by 1.35 percent or 79.45 points to cap off yesterday’s session at 5,948.94.

The broader All Shares index also climbed by 1.16 percent or 38.07 points to 3,333.92.

“The index closed higher after trading in negative territory for most of the session, as quarter and month-end window dressing lifted it back above 5,900,” AB Capital Securities Inc. said.

AB Capital said turnover was elevated with foreign activity dominating at 61 percent of trades.

Total value turnover improved to P9.82 billion from the previous day’s P8.29 billion.

All sectors closed higher, except for services, which declined by 0.43 percent. Mining and oil led the charge with a 2.53-percent surge, followed by holding firms with a 2.49-percent jump.

Advancers overpowered decliners, 124 to 79, while 62 stocks did not change hands.

ICTSI was the top traded stock, slipping by 0.72 percent to P688 per share.

Meanwhile, the peso weakened further yesterday, closing at another record low as persistent global headwinds continued to weigh on the local currency.

Data from the Bankers Association of the Philippines showed the peso settled at 60.748 per dollar yesterday, down by 5.8 centavos from Monday’s 60.69 finish. The local currency opened at 60.65 and traded between 60.58 and 60.75 during the session.

A trader said the latest move remains driven by the same external factors, particularly higher crude prices and risk-off sentiment in global markets.