In Manila, the Philippine Stock Exchange index (PSEi) surged back to the 6,000 threshold, marking a 0.94 percent rise to close at 6,044.13. The broader All Shares index also saw a gain, up by 0.34 percent to 3,619.19. This uptick in the stock market occurred a day before the anticipated policy rate reduction by the Bangko Sentral ng Pilipinas, expected to lower the key rate by 25 basis points, according to Michael Ricafort, chief economist at Rizal Commercial Banking Corp. The positive movement in the stock market was further supported by robust lending figures.
Every sector on the exchange ended the day in positive territory. The most significant gains were observed in Holding Firms, which rose by 1.35 percent, followed by Services at 0.79 percent, Industrial at 0.54 percent, Financials at 0.49 percent, Property at 0.43 percent, and Mining and Oil at a modest 0.06 percent. Despite the overall market surge, more companies experienced declines, with 103 firms losing value compared to 74 that gained, and 64 remaining unchanged.
On the currency front, the Philippine peso maintained its value against the US dollar, closing at 58.19. The peso started the day at 58.20, fluctuating between a low of 58.14 and a high of 58.24, with an average trading level of 58.18. Trading volume saw an increase, reaching USD1.24 billion from the previous day’s USD1.19 billion. Looking ahead, Ricafort predicts the peso-dollar exchange rate might fluctuate between 58.10 and 58.30 on the following day.