PHILIPPINE financial markets closed mixed on Friday — the last trading day of 2024 — as a volatile year that saw both the main stock index and the peso post multi-month lows came to an end.
The bellwether Philippine Stock Exchange index (PSEi) inched down by 0.15% or 10.23 points to end at 6,528.79, while the broader all shares index rose by 0.44% or 16.73 points to 3,748.51.
Still, the main index managed to post a year-on-year gain as its end-2024 close was 1.22% or 78.75 points higher than its 6,450.04 finish in 2023.
“The year’s last trading session saw the PSEi post a slight dip from the prior day’s close but just enough to end 2024 with a modest gain,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.
“The PSEi ended 2024 lower, mirroring US market trends, as jobless claims fell to 219,000, below the 225,000 forecast, while continuing claims rose to 1.91 million the highest since November 2021,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
PESO AT THREE-WEEK HIGH
Meanwhile, the peso closed at P57.845 versus the dollar on Friday, appreciating by 12.5 centavos from Thursday’s P57.97 finish, data from the Bankers Association of the Philippines’ website showed.
This was the local unit’s best finish in three weeks or since it ended at P57.735 a dollar on Dec. 6 as holiday and year-end flows continued to prop up the currency.
However, the peso weakened year on year, declining by P2.475 or 4.28% from its end-2023 finish of P55.37 versus the greenback.
“The peso closed today on a stronger note from holiday remittances and increased volume from year-end transactions,” a trader said on Friday. “Hawkish hints from the Bank of Japan has also chipped away some dollar strength in the global markets today.” — Revin Mikhael D. Ochave and Luisa Maria Jacinta C. Jocson
