Peso stable, PSEi rebounds 1.82% after seven-day decline

The Philippine peso remained stable against the US dollar on Friday, ending slightly unchanged at 58.732 compared to Thursday's rate of 58.77.

Despite a steady currency performance, local stock indices rebounded from a seven-day decline, with the PSEi rising by 1.82 percent or 119.56 points to close at 6,676.65 points.

Regina Capital Development Corporation's Luis Limlingan noted that the recovery in equities was driven by buying into oversold conditions and a cautious stance in the US market.

Sectoral indices showed varied performance with Industrial leading gains, followed by Financials, Property, Services, and Mining and Oil sectors, while Holding Firms declined slightly.

Volume remained low at 447.1 million shares amounting to PHP6.77 billion, reflecting continued investor caution following the US elections and concerns over foreign direct investment inflows.