MANILA: Local shares experienced a rebound and the peso appreciated against the dollar as trading concluded on a positive note at the end of the week.
According to Philippines News Agency, the Philippine Stock Exchange index (PSEi) increased by 0.21 percent to close at 7,415.73, while the broader All Shares index rose to 4,081.52. This positive movement in the market was attributed to favorable sentiments driven by potential policy easing by the Bangko Sentral ng Pilipinas and optimistic projections for third-quarter corporate earnings, as explained by Philstocks Financials, Inc. research manager Japhet Tantiangco.
Sector-wise, the mining sector led the market with a gain of 0.76 percent, while industrials faced the largest decline, dropping by 0.19 percent. The market saw more advancers than decliners, with 103 stocks rising compared to 91 that fell.
The peso also showed strength, closing at 57.511 against the dollar, improving from the previous day’s close of 57.8. The currency opened at 57.8 and fluctua
ted between 57.48 and 57.8 during the day, resulting in a weighted average of 57.651. Trading volume increased, with USD1.7 billion exchanged compared to USD1.4 billion on Thursday.