Local stocks rebound, peso holds steady

Philippine shares bounced back on Wednesday after two straight sessions of losses, while the peso hovered in a narrow range against the US dollar amid quieter trading.

The benchmark Philippine Stock Exchange index (PSEi) climbed 0.63% to close at 6,375.35, supported by gains in most sectors. The broader All Shares index also ended higher, rising 0.47% to 3,737.94.

Investor sentiment was cautiously upbeat, with market players digesting recent earnings results while waiting for fresh catalysts.

“Philippine shares booked modest growth on Wednesday, gaining 0.63% despite a slow start earlier in the session, as investors looked for new catalysts following the earnings season,” said Luis Limlingan, Head of Sales at Regina Capital Development Corp.

All sectors closed in positive territory except Industrial and Property, which edged lower by 0.08% and 0.60%, respectively. Trading was relatively balanced, with 107 advancers edging out 81 decliners.

On the currency front, the peso was mostly flat, closing at 55.66 against the greenback, a slight weakening from Tuesday’s 55.63 close. The local currency opened at 55.58 and fluctuated between 55.56 and 55.70 throughout the session.

The day’s weighted average exchange rate stood at 55.61, while total turnover declined to USD1.51 billion from USD1.99 billion in the previous session.

Analysts noted that both the stock and currency markets are in a holding pattern as investors await clearer signals from both local policy updates and global economic developments.