MANILA — The Philippine Stock Exchange index (PSEi) continued its upward trend on Monday, closing at 7,104.20, a 1.16 percent increase, while the peso strengthened against the U.S. dollar.
According to Philippines News Agency, optimism surrounding a potential interest rate cut by the Federal Reserve boosted investor sentiment. All market counters ended the day in positive territory, with the Mining and Oil sector posting the biggest gain at 1.59 percent, closing at 8,004.81. Other sectors such as Financials, Industrials, and Holding Firms also saw notable gains. The peso closed at 55.89 against the dollar, improving from last week’s 56.00, while trading volumes dropped to USD1.2 billion from USD1.5 billion on Friday.