Manila – The Philippine Stock Exchange index (PSEi) saw a notable increase at the start of the week, driven by active bargain hunting, while the peso exhibited little change, closing sideways. On Monday, the PSEi continued its six-day rally, climbing 140.89 points to close at 6,769.64, a gain of 2.12 percent. Similarly, the broader All Shares index also rose, up 1.45 percent to 3,543.28.
According to Philippines News Agency, Inc., the upward trend in the local stock market was influenced by favorable conditions from US markets last Friday and a reduction in geopolitical tensions in the Middle East. Claire Alviar, assistant research manager at Philstocks, noted the overall market positivity. However, the Mining and Oil sector did not follow the upward trend, experiencing a decline of 0.81 percent to close at 8,802.57.
The Financials sector outperformed other areas, registering a 2.89 percent increase. It was followed by gains in the Services, Property, Industrial, and Holding Firms sectors. The market also benefited from foreign investor participation, with a net inflow of PHP1.18 billion, contributing to a total market value turnover of PHP4.68 billion. Market breadth was positive, with 120 advancers against 74 decliners, and 49 stocks remained unchanged.
Meanwhile, the Philippine peso ended the day unchanged at 57.68 against the US dollar, after opening at 57.75. The currency fluctuated between a low of 57.60 and a high of 57.77 throughout the day, with a weighted average of 57.70. Foreign exchange trade volume on Monday dipped to USD1.46 billion from USD1.69 billion on the previous trading day.