By el Amigo
MANILA, Philippines — Philippine equities bounced back on Thursday as investors took advantage of lower share prices, but the peso continued to weaken, closing at a historic low of PHP63.06 against the US dollar amid persistent geopolitical uncertainties.
The Philippine Stock Exchange index (PSEi) climbed 0.82 percent to 5,663.17, while the All Shares index rose 0.50 percent to 3,174.69.
Property stocks posted the strongest advance, gaining 1.89 percent. Financial, services and holding firms also finished higher. In contrast, mining and oil shares dropped 2.47 percent, while industrial stocks declined 0.30 percent.
Regina Capital Development Corp. analyst Luis Limlingan said bargain-hunting helped lift the local market, although investors remained wary of external risks and the peso’s continued slide.
The local currency ended the session at PHP63.06 per dollar, weaker than Wednesday’s PHP62.87 close. It also touched an intraday low of PHP63.15.
Rizal Commercial Banking Corp. economist Michael Ricafort cited geopolitical tensions involving Russia and the Middle East as factors weighing on the peso, particularly amid concerns over potential disruptions to oil and energy supplies.
Meanwhile, Federation of Philippine Industries chairperson Elizabeth Lee noted that a weaker peso increases expenses for manufacturers reliant on imported materials, even as it may provide an advantage to exporters.
Market participants are expected to keep a close watch on global tensions, energy prices and foreign exchange movements.
ia/xf
