PH stock exchange index rises for 2nd day; Peso remains steady

The Philippine Stock Exchange index (PSEi) posted gains for the second consecutive day, while the peso showed little change against the US dollar.

Following a positive lead from Wall Street, the PSEi climbed 1.13 percent to close at 6,693.83. The All Shares index also saw a rise of 0.88 percent, reaching 3,629.18.

Every sector ended the day with gains, with the Financials sector leading with a 2.75 percent increase. Other notable performances included Mining and Oil with a 1.75 percent gain, Property up by 1.35 percent, Services rising by 1.24 percent, Holding Firms improving by 0.31 percent, and Industrial adding 0.06 percent.

Mikhail Plopenio, research and engagement officer at Philstocks Financial, Inc., attributed the local market's upbeat performance to favorable signals from Wall Street. The anticipation of a potential rate cut by the US Federal Reserve next month contributed to the positive sentiment.

“A possible rate cut by the Federal Reserve could provide additional leeway for the Bangko Sentral ng Pilipinas (BSP) to consider easing its own policy. Moreover, Broad Market Index’s optimistic forecast for consumer spending in the Philippines this year and in 2025 has further boosted market confidence,” Plopenio explained.

Advancers outpaced decliners with 104 stocks moving up, 75 declining, and 50 remaining unchanged.

In currency markets, the Philippine peso ended the day relatively stable at 58.33 against the US dollar, slightly improved from Wednesday’s closing of 58.37. The peso opened the day stronger at 58.36 compared to the previous day’s opening of 58.58. Throughout the trading day, the currency fluctuated between a low of 58.26 and a high of 58.39, averaging 58.32.

Trading volume dropped to USD 1.17 billion from USD 1.3 billion the previous day.