PSEi ends 2024 in the red at 6,528.79

Local shares, as reflected through the local stock barometer Philippine Stock Exchange index (PSEi), closed the year in the red on Friday, December 27 —the last trading day of 2024.

The main index ended at 6,528.79, down 10.23 points or 0.16%.

Year-on-year, the PSEi saw a recovery of 1.22% compared to 2023's last trading day’s close of 6,450.04.

Year-to-date, however, the local stock barometer was down by 0.38% from the 6,554.04 level seen on the first trading day of the year.

In a commentary, Philstocks research manager Japhet Tantiangco said that the Philippine stock market “moved sideways, experiencing both ups and downs within the year.”

“The local bourse fell to as low as 6,158.48 (down 4.52% from end-2023), and rose to as high as 7,604.61 (up 17.90% from end-2023),” he said.

Tantiangco said the PSEi’s sideways movement is “reflective of the lack of conviction to head towards a certain direction as investors digest a mixed bag of factors, positive and negative.”

“The bourse started the year on a good note backed by optimistic expectations towards the local economy. However, this was cut by the start of the second quarter as inflation expectations rose due to the upside risks posed by El Nino. The delayed rate cuts of the Federal Reserve and the Bangko Sentral ng Pilipinas, the weakening of the local currency, and the escalating tensions in the Middle East also contributed to the midyear decline,” he said.—AOL, GMA Integrated News