PH stock market continues upward trend as peso stabilize

The Philippine Stock Exchange Index (PSEi) extended its gains for a second consecutive trading day, closing at 7,402.81, marking an increase of 22.49 points or 0.30%. Meanwhile, the peso remained nearly flat, finishing the day at 56.178 against the US dollar on Wednesday.

Investors showed optimism in the local market, buoyed by expectations that inflation in September had further slowed down. Japhet Tantiangco, research manager at Philstock Financials, noted that positive sentiment was also driven by the recent release of the September S&P Global Philippines Manufacturing PMI, which recorded a reading of 53.7. This figure indicates a quicker expansion in the manufacturing sector compared to the previous month.

Sector performance was mixed, with the services sector leading the way with a 1.35% gain, while the industrial sector experienced a decline, losing 0.70%. Overall, decliners outnumbered advancers, with 114 stocks falling against 91 that rose.

In the currency market, the peso showed little movement, opening at 56.38 and fluctuating between 56.03 and 56.42 throughout the day. The day’s trading saw a weighted average exchange rate of 56.178. Total trading volume decreased to USD 1.9 billion, down from USD 2.2 billion the previous day.