Local shares jumped back to the 5,800 level on Wednesday as the peso strengthened and after Moody’s Ratings and S&P Global Ratings signaled policy continuity under the new finance chief.
The Philippine Stock Exchange index (PSEi) rallied by 57.05 points, or 0.99 percent, to close at 5,813.71, while the broader all-shares index climbed 20.29 points, or 0.63 percent, to 3,251.84.
The peso strengthened slightly to 58.935 to the U.S. dollar on Wednesday from 58.985 on Tuesday.
Moody’s Ratings said the changes in the Marcos administration’s economic team will not “materially change” its economic assessment of the Philippine economy.
Frederick Go, Special Assistant to the President for Investment and Economic Affairs, has been appointed as the new finance chief. He replaced Ralph Recto, who was appointed executive secretary.
Meanwhile, Japhet Tantiangco, research head of Philstocks Financial Inc., said investors also cheered the exemption of most Philippine agricultural exports from the U.S.’ 19 percent reciprocal tariff.
Tantiangco said the possibility of another rate cut by the Bangko Sentral ng Pilipinas (BSP) this December also boosted sentiment.
Among the sectors, only the mining and oil index ended in the red, declining by 0.48 percent. Banks led sectors, rising by 1.78 percent, and industrial, increasing by 1.55 percent.
Value turnover reached P5.36 billion as many investors stayed on the sidelines.
Foreign investors were net sellers with outflows at P915.40 million.
DigiPlus Interactive Corp. was the day’s top index gainer, increasing by 8 percent to P27, while International Container Terminal Services Inc. was at the bottom, declining by 0.82 percent to P542.50.
