Philippine Stock Exchange Index Rises Amid Strong GDP Growth, Peso Strengthens

Manila – In the Philippines, the unexpected expansion of the economy in the third quarter of 2023 has led to a significant uptick in the local stock market and a strengthening of the peso. The Philippine Stock Exchange index (PSEi) witnessed a notable increase, reaching 6,188.22, marking a continued upward trend for six consecutive trading days as of Thursday.

According to Philippines News Agency, the PSEi’s performance was buoyed by the country’s gross domestic product (GDP) growth surpassing analysts’ expectations. The index tested the 6,200 level, while the market also looked forward to comments from Federal Reserve Chair Jerome Powell. The All Shares index also saw gains, ending the day at 3,329.38, with Property and Holding Firms being the only counters closing in the green.

Simultaneously, the Philippine peso strengthened against the US dollar, closing at 55.84, marking its second time this week at the 55-level. The currency opened stronger than the previous day and traded between 55.84 and 55.98 throughout the day. The average level for the day stood at 55.92, with the trade volume rising to USD1.33 billion, an increase from Wednesday’s USD1.24 billion.