The peso and stock market continued their rebound on Monday amid expectations of a further rate cut by the Bangko Sentral ng Pilipinas (BSP) early next year and as remittances from overseas Filipinos bolstered the peso. The local currency closed firmer by 36 centavos to P58.45 from P58.81 previously, while the benchmark Philippine Stock Exchange index (PSEi) ended the trading day up 128.53 points, or 2.01 percent, at 6,534.91.
Analysts said investor sentiment welcomed hints from the BSP that it is likely to continue to cut rates at its first policy meeting next year. The peso opened trading at P59.71 to the greenback and ranged from P58.45 to P58.7. Volume dropped to P1.180 billion from P1.332 billion last Friday. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso strengthened amid the seasonal surge of remittances and the conversion of incoming foreign currency to pesos for the holiday season spending. The stock market maintained its modest momentum, with the broader All Shares index adding 51.40 points, or 1.40 percent, to 3,727.23. 'The local market rallied on the back of hints from the BSP of a possible policy rate cut in their first meeting for 2025,' Philstocks Financial Inc. research manager Japhet Tantiangco said. 'The recent rebound of the local currency against the US dollar also gave the market a boost,' he continued, adding there was also a positive spillover from Wall Street's rise last Friday 'driven by the US November personal consumption expenditures price index, which rose slower than expected.' Tantiangco described the day's trading as 'anemic,' with net value turnover just touching P3.99 billion, lower than the year-to-date average of P5.17 billion. 'Foreigners were net buyers, with net inflows amounting to P255.38 million,' he said. Luis Limlingan, managing director at Regina Capital Development Corp., noted that 'Philippine shares finally bounced back... as investors prepare for the last trading week of the year
대한민국 최근 뉴스, 대한민국 헤드 라인
Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.
출처: TheManilaTimes - 🏆 2. / 92 더 많은 것을 읽으십시오 »
출처: TheManilaTimes - 🏆 2. / 92 더 많은 것을 읽으십시오 »
출처: TheManilaTimes - 🏆 2. / 92 더 많은 것을 읽으십시오 »
출처: TheManilaTimes - 🏆 2. / 92 더 많은 것을 읽으십시오 »