PHILIPPINE financial markets closed mixed on Friday – the last trading day of 2024 – as a volatile year saw both the main stock index and the peso post multi-month lows end.
The bellwether Philippine Stock Exchange (PSEi) index fell 0.15% or 10.23 points to end at 6,528.79, while the broader index of all shares rose 0.44% or 16.73 points to 3,748.51.
Nevertheless, the main index managed to post a yearly gain as its 2024 close was 1.22% or 78.75 points higher than its 2023 close of 6,450.04.
“The last trading session of the year saw the PSEi posting a slight dip from the end of the previous day but it was enough to finish 2024 with a small profit,” said the Managing Director of China Bank Capital Corp. Juan Paolo E. Colet in a Viber message.
“The PSEi ended 2024 lower, reflecting the trend of US markets, as jobless claims fell to 219,000, below the forecast of 225,000, while continuous claims rose to 1.91 million, the highest number since November 2021,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
PESO HIGH IN THREE WEEKS
Meanwhile, the peso closed at P57.845 against the dollar on Friday, up 12.5 cents from Thursday’s close of P57.97, data from the Banking Association of the Philippines’ website showed.
This was the local unit’s best finish in three weeks or as it ended at P57.735 a dollar on Dec. 6 as the holiday and end of the year travel continues to fund.
However, the peso has been weakening year on year, down P2.475 or 4.28% from its 2023 close of P55.37 against the greenback.
“The peso closed today on a strong note of holiday remittances and increased volume from year-end selling,” a trader said on Friday. “Hawkish plans from the Bank of Japan also sapped some of the dollar’s strength in global markets today.” – Revin Mikhael D. Ochave again Luisa Maria Jacinta C. Jocson
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