MANILA — The Philippine stock market continued its upward trajectory for a second consecutive day, while the peso remained relatively stable in Wednesday’s trading session.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) climbed by 22.49 points to close at 7,402.81, marking a 0.30% increase, as detailed by Japhet Tantiangco, research manager at Philstock Financials, Inc. “The local market extended its climb this Wednesday, advancing 0.30% to 7,402.81. Investors bought into the market on the back of expectations that inflation last September further slowed down,” Tantiangco explained. Additionally, the positive response to the September S&P Global Philippines Manufacturing PMI, which registered at 53.7, indicated an accelerated expansion in the manufacturing sector, further buoying market sentiment.
The broader All Shares index also saw gains, rising by 7.50 points to 3,970.86. Sectorally, services led with a 1.35 percent increase, while industrials faced the most significant decline, dropping by 0.70 percent. Despite the overall market gains, decliners slightly outnumbered advancers, with 114 stocks declining compared to 91 advancing.
Meanwhile, the peso showed minimal change, ending the day at 56.178, a slight adjustment from Tuesday’s close of 56.145. It fluctuated between a high of 56.42 and a low of 56.03, opening at 56.38. The weighted average for the day was recorded at 56.178.
The trading volume saw a decrease, totaling USD 1.9 billion, down from USD 2.2 billion in the previous session.