Philippine stocks gain for third session as peso hits record low

Philippine equities recorded a third consecutive session of gains, with the benchmark Philippine Stock Exchange index finishing at 5,797.90, up 15.2 points or 0.26 per cent. The advance came as the peso reached a record closing low of ₱63.09 per dollar.

Luis Limlingan of Regina Capital attributed the stock market’s rise to investors positioning for the anticipated listing of Mynt Inc. He said a pullback in crude oil prices also helped sentiment by easing some inflation concerns, although investors remained cautious before the Bangko Sentral ng Pilipinas interest rate decision.

The All Shares index finished at 3,233.48 after adding 14.67 points, or 0.46 per cent. Sector performance was mixed: holding firms led the gains with a 1.08 per cent increase, while services registered the largest decline at 0.42 per cent.

Trading turnover totalled ₱5.87 billion. There were 99 advancing issues and 67 declining ones, with another 81 ending unchanged.

The peso lost 10.5 centavos from its preceding close of ₱62.985 per dollar. Its latest finish was weaker than the previous record closing low of ₱63.06 set on Oct. 15.

Chinabank chief economist Domini Velasquez described the peso as broadly stable despite renewed dollar strength against currencies including the yen, pound and euro. She said its relative stability suggested that external factors and the stronger dollar, rather than domestic sentiment, were the main drivers of its recent weakness.