MANILA — The Philippine Stock Exchange index (PSEi) improved for the second consecutive day, while the peso barely moved.
According to Philippines News Agency, Inc. research and engagement officer Mikhail Plopenio, the local index increased by 1.13 percent to 6,693.83, with All Shares gaining 0.88 percent to 3,629.18. All counters ended in the green, with Financials recording the highest gain at 2.75 percent, followed by Mining and Oil (1.75 percent), Property (1.35 percent), Services (1.24 percent), Holding Firms (0.31 percent), and Industrial (0.06 percent).
"The local bourse took positive cues from Wall Street overnight as the US Federal Reserve System signaled that a rate cut is possible next month. A rate cut by the Federal Reserve is seen to somehow give more room for the BSP (Bangko Sentral ng Pilipinas) to ease its own policy. Also, BMI's (Broad Market Index) positive outlook on the Philippines' consumer spending this year and in 2025, boosted the sentiment," Plopenio said. Advancers outnumbered decliners at 104 to 75, with 50 counters unchanged.
Meanwhile, the Philippine peso closed flat at 58.33 to the US dollar, compared to Wednesday's 58.37 finish. The local currency opened the day stronger at 58.36 from its 58.58 opening the previous day. The currency pair traded between a low of 58.26 and a high of 58.39, bringing the day's average to 58.32 to the greenback. Volume of trade decreased to USD1.17 billion from USD1.3 billion on Wednesday.