Local shares sustained their rebound as the index returned to the 6,000 level on Monday on an improving outlook for the domestic economy.
The 30-company Philippine Stock Exchange index (PSEi) closed at 6,021.59, up 24.46 points or 0.41 percent. The broader all shares index finished at 3,535.18, higher by 116.66 points or 3.41 percent.
The peso dipped anew to 58.87 to the U.S. dollar on Monday from 58.855 on Friday.
“The local bourse closed higher, lifted by a late-session buying surge that helped sustain the market’s upward momentum,” said Luis Limlingan, head of sales for Regina Capital Development Corp.
“Investor sentiment improved amid growing expectations of another policy rate cut before the year ends, despite the PHP depreciated against the USD. This also stems from inflation remaining below the BSP’s target range, providing room for further monetary easing,” he added.
U.S. stocks rose on Friday as investors grew more confident that the Fed could lower interest rates next month.
Despite the day’s gains, all two sectoral indexes were still in the red, led by services, which declined 0.22 percent, and financials, which declined by 0.14 percent.
Industrial and property led sectors, increasing by 1.33 percent and 1.27 percent, respectively.
Value turnover reached P12.8 billion. The market closed with 109 gainers, 72 decliners and 64 unchanged issues.
Foreign investors, however, turned net sellers with net outflows at P815.9 million.
