MANILA – The Philippine Stock Exchange Index (PSEi) closed the week on a positive note, rising 0.70% to 7,252.32 on Friday. The broader All Shares index also climbed 0.62% to settle at 3,895.62.
Most sectoral indices ended in the green, with Financials leading the gains at 2.25%. Property was the only sector that declined, dropping 0.70%.
“The market welcomed the recent 50-basis point rate cut by the US Federal Reserve, and sentiment further improved with the Bangko Sentral ng Pilipinas’ (BSP) move to reduce banks’ reserve requirement ratios,” said Philstock Financials research manager Japhet Tantiangco. “Increased liquidity is expected to bolster the local economy, while the peso’s appreciation against the US dollar contributed to today’s rally,” he added.
Winners outnumbered losers 130 to 77, with 47 stocks unchanged.
On the currency front, the peso remained stable, closing at 55.69 against the US dollar, slightly weaker than the previous day’s 55.61. The local currency opened at 55.55 and traded between 55.45 and 55.69 throughout the day, with an average of 55.56.
The day’s trading volume reached USD 1.67 billion, down from Thursday’s USD 1.99 billion.
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