MANILA – The Philippine Stock Exchange index (PSEi) and the peso both gained ground on Tuesday as investors took advantage of bargain-hunting opportunities ahead of the consumer price index (CPI) release.
The PSEi climbed 0.45% to close at 6,064.11, while the broader All Shares index inched up 0.24% to 3,628.96.
“The local bourse extended gains as investors seized bargain-hunting opportunities ahead of the consumer price index release,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
Mining and Oil led the market rally, surging 3.27% to 8,129.20 points, followed by Financials (+1.27%), Services (+0.73%), and Industrial (+0.49%). Meanwhile, Property (-0.12%) and Holding Firms (-0.07%) were the only sectors that ended in the red.
Market breadth was positive, with 107 gainers outpacing 84 decliners, while 49 stocks remained unchanged.
Peso Gains Against the Dollar
The Philippine peso strengthened to ₱57.75 against the US dollar, gaining ₱0.15 from Monday’s close of ₱57.90. It opened stronger at ₱57.83, fluctuating between ₱57.75 and ₱57.84 throughout the day.
Despite the peso’s appreciation, trade volume dipped slightly to $1.04 billion, down from $1.06 billion the previous day.
Analysts attribute the peso’s gain to anticipation of the latest inflation data, which could influence the Bangko Sentral ng Pilipinas’ (BSP) next policy move.
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