MANILA – The Philippine stock market saw an uptick on Monday, driven by investor optimism following a decision by the country’s central bank to cut banks’ reserve requirement ratios. Meanwhile, the Philippine peso experienced a decline against the U.S. dollar.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) surged by 164.93 points, closing at 7,417.25, marking a 2.27 percent increase. The All Shares index also rose, gaining 62.40 points to end at 3,958.02. Japhet Tantiangco, a senior research analyst at Philstocks Financial, Inc., stated, “The local market extended its rally this Monday, rising 2.27% to 7,417.25 as investors continue to cheer the Bangko Sentral ng Pilipinas’ (BSP) move to cut banks’ reserve requirement ratios.” He also noted that the easing of monetary policies by both the BSP and the Federal Reserve contributed to the buoyant market sentiment.
The banking sector led the gains, with a notable increase of 3.69 percent, while other sectors also showed positive movement. However, the mining sector slightly declined by 0.01 percent. The market dynamics showed more gainers than losers, with 121 stocks advancing compared to 93 that declined.
In the currency market, the peso weakened, closing at 55.97 to the dollar, down from 55.69 on the preceding trading day. The currency opened at 55.67, slightly higher than the opening rate of 55.45 on the previous day. Throughout the trading session, the peso fluctuated between 55.67 and 55.97, averaging at 55.795.
Trading volume decreased, totaling USD 1.3 billion compared to USD 1.6 billion in the previous session.