MANILA – The Philippine Stock Exchange Index (PSEi) closed the week on a high note, rising for the second consecutive day, while the Philippine peso strengthened against the US dollar.

On Friday, the PSEi gained 0.83 percent, ending the day at 6,294.11 points. All Shares also posted an increase, rising by 0.55 percent to close at 3,721.60.

Among the sectoral indices, the Property Index led the charge, surging by 1.49 percent to 2,229.46. It was followed by the Financials Index, which climbed 1.39 percent to 2,434.90, and the Industrial Index, up by 0.99 percent to 8,753.66. The Services Index also showed positive movement, advancing by 0.59 percent to 2,052.49, while Mining and Oil added 0.16 percent, closing at 8,941.03.

However, the Holding Firms sector experienced a slight decline, shedding 0.24 percent to end at 5,210.88 points.

Market sentiment was buoyed by a combination of foreign investment and hints of a possible rate cut from the Bangko Sentral ng Pilipinas (BSP). “The recent gains in the PSEi were supported by net foreign buying for most of the week, which amounted to USD 6.4 million on March 14,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

For the week, net foreign inflows reached USD 32.5 million, a significant increase from the previous week’s USD 6.9 million.

The positive market movement also follows signals from BSP officials that a 0.25 percentage point rate cut could be on the horizon, potentially taking place as soon as the next BSP rate-setting meeting on April 10, 2025.

In total, 103 stocks advanced, while 90 declined, and 45 remained unchanged.

On the foreign exchange front, the Philippine peso gained 0.11 against the US dollar, finishing the day at 57.25 from a previous close of 57.36. The peso opened at 57.35, trading within a range of 57.17 to 57.36 throughout the day. The average exchange rate for the day stood at 57.25.

Trading volume also saw an uptick, reaching USD 1.39 billion, up from USD 1.25 billion the previous day.

With foreign buying trends and the potential for lower interest rates, market optimism is expected to continue as the Philippines moves through the final weeks of the first quarter of 2025.

IA/MNM