MANILA – The Philippine Stock Exchange index (PSEi) regained the 6,000-level on Wednesday (12 Feb 2025), while the peso remained steady against the US dollar.
The PSEi surged by 0.94% to 6,044.13, while the broader All Shares index climbed 0.34% to 3,619.19 points.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the PSEi’s gain to anticipation of a 25-basis point rate cut by the Bangko Sentral ng Pilipinas, as well as stronger lending data.
All sectors saw gains, led by Holding Firms, which rose by 1.35%. Other sectors included Services (up 0.79%), Industrials (up 0.54%), Financials (up 0.49%), Property (up 0.43%), and Mining and Oil (up 0.06%).
Despite the overall positive performance, decliners outnumbered gainers, with 103 stocks losing ground, compared to 74 advancing, and 64 remaining unchanged.
Meanwhile, the peso closed flat at 58.19 against the US dollar, after opening at 58.20 and fluctuating between 58.14 and 58.24. The daily average exchange rate was 58.18.
Trading volume increased to USD 1.24 billion, up from USD 1.19 billion the previous day.
Ricafort forecasted that the peso-dollar exchange rate could range between 58.10 and 58.30 on Thursday.
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