Philippine markets mixed, PSEi down slightly

Philippine financial markets closed mixed on Friday, December 27, marking the last trading day of a volatile year for both stocks and currency.

The bellwether Philippine Stock Exchange index (PSEi) declined slightly by 0.16%, ending at 6,528.79, while the broader all shares index rose by 0.45% to 3,748.51.

Despite the slight dip in the PSEi compared to Thursday's close, it still managed a year-on-year gain of 1.22%, finishing higher than its end-2023 level.

Market analysts attributed the performance to global trends and economic indicators such as US jobless claims data, which fell below forecasts.

The Philippine peso closed at P57.845 against the dollar on Friday, marking a three-week high due to holiday remittances and year-end transactions; it strengthened for four consecutive trading days, finishing at 57.85 from a previous close of 57.97.

However, the local stock barometer struggled throughout the year despite initial gains following interest rate cuts and easing inflation in the third quarter.

Juan Paolo Colet, managing director at China Bank Capital Corp., noted it was a 'bittersweet culmination to a volatile year marked by steep rallies and corrections'.