MANILA - The Philippine Stock Exchange index (PSEi) marked significant gains as trading resumed after the Holy Week, driven by positive developments in regional markets.
According to Philippine News Agency, Inc., the PSEi advanced by 1.11 percent to close at 6,979.81, buoyed by favorable economic indicators from China that spurred regional optimism. The All Shares index also saw an uptick, rising by 0.80 percent to 3,633.40.
Sectoral performance was mixed, with Holding Firms and Financials both registering a 1.51 percent increase, demonstrating strong investor confidence. In contrast, the Industrial sector experienced a slight decline. The Property, Services, and Mining and Oil sectors also contributed to the day's positive momentum.
Market analysts attribute the bullish local market trend to China's expanding factory activity, which has instilled confidence in the regional economic outlook. This rebound is deemed beneficial for the Philippines, impacting various sectors, including trade and tourism.
Trading volume on the exchange reflected vibrant activity, with advances outnumbering declines. The market's net value turnover underscored active participation, amounting to PHP5.01 billion for the session.
In the foreign exchange realm, the Philippine peso exhibited stability against the US dollar, with minor fluctuations throughout the day. The currency hovered close to its previous close, ending the session at 56.26 against the dollar. Despite a decrease in trade volume compared to the previous week, the peso's performance reflects underlying steadiness amid variable market dynamics.