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, increasing by 0.34 percent to reach 3,619.19 points. 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, with Holding Firms leading the gains at a 1.35 percent increase. Services followed with a 0.79 percent rise, while Industrial, Financials, Property, and Mining and Oil sectors also advanced, with gains ranging from 0.06 to 0.54 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 and fluctuated between a low of 58.14 and a high of 58.24, with an average trading level of 58.18. Trading volume saw an uptick, reaching USD1.24 billion from the previous day’s USD1.19 billion. Looking ahead, Ricafort predicts the peso-dollar exchange rate to hover between 58.10 and 58.30 on the following day.