Philippine Stock Exchange Rises Amid Bargain Hunting; Peso Remains Steady

Manila, Philippines — The Philippine Stock Exchange index (PSEi) continued its upward trend for the third day, driven by bargain hunters, while the peso saw little change in its value during Wednesday’s trading session.

According to Philippines News Agency, Luis Limlingan, the PSEi closed at 6,313.11, marking a 0.22 percent increase from the previous day. The All Shares index also rose by 0.28 percent to 3,450.58. Limlingan noted that local shares edged higher as investors engaged in bargain hunting ahead of the semester’s close, reflecting the mixed results seen in U.S. equity markets.

Sector-wise, gains were noted in Services, which rose by 0.86 percent, followed by the Industrial sector at 0.63 percent, Property at 0.22 percent, and Financials at 0.15 percent. Conversely, Holding Firms and Mining and Oil sectors witnessed declines, dropping by 0.64 and 0.12 percent respectively.

The peso closed slightly weaker at 58.86 to the U.S. dollar, compared to the previous day’s close of 58.77. The currency fluctuated between 58.77 and 58.88 throughout the day, with an opening rate slightly weaker than Tuesday’s at 58.82 to a dollar.

Trading volume on the forex dropped to USD 720.25 million from the previous week’s USD 814.1 million, suggesting a decrease in trading activity.