MANILA — The Philippine Stock Exchange index (PSEi) and the peso both ended the week on a high note, bolstered by optimistic economic forecasts from the central bank.
According to Philippines News Agency, Inc. research associate Claire Alviar, the PSEi rose for the fifth consecutive day, closing at 6,411.911, an increase of 0.33 percent. The uplift in investor sentiment was driven by the Bangko Sentral ng Pilipinas’ (BSP) announcement of a potential rate cut by August and a revised inflation forecast to 3.1 percent for this and next year, which falls within the government's target range of 2 to 4 percent. The All Shares index also saw gains, increasing by 0.26 percent to end at 3,486.66. Despite overall market gains, the Mining and Oil and Financials indices experienced declines of 0.86 and 0.51 percent, respectively, while the Holding Firms index led the gains with a rise of 0.93 percent.
The peso also concluded the week stronger, appreciating to 58.61 against the US dollar, compared to 58.75 at the previous close. The currency began the day at 58.70, with the day’s trading seeing a range between 58.58 and 58.72. This performance coincided with a substantial net market value turnover in the PSE, which reached PHP 5.92 billion, notably higher than the PHP 4.4 billion average for the month.