Philippine stocks rose Monday, but the peso slumped to near record low amid the worsening domestic political noise.
The Philippine Stock Exchange index jumped 98.82 points, or 1.03 percent, to close at 6,850, while the broader all-shares index advanced by 25.53 points, or 0.62 percent, to settle at 3,811.02.
Analysts said the stocks market started the week in the green despite the “political noises” over the weekend.
The peso, however, fell to 58.99 against the US dollar Monday from 58.87 Friday.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the investor sentiment improved after US president-elect Donald Trump appointed Scott Bessent as the next Treasury Secretary, a move the market believed signaled a more moderate stance on tariffs.
Trading was strong, with net value turnover at P9.84 billion. Foreigners were net sellers, with net outflows amounting to P308.74 million.
All sectoral indices ended in the positive territory, with the services seeing the largest increase of 2.06 percent. Gainers outnumbered losers, 94 to 91.
JG Summit Holdings Inc. was the top index gainer, rising 10.96 percent to P24.30. On the other hand, PLDT Inc. was the worst index performer, dropping 3.70 percent to P1,300.
Brokerage firm Unicapital Group expects the PSEi to hit 8,000 in 2025, which implies a 14-percent year-on-year gain from the estimated 7,000 level by end-2024.
It also expects further policy rate easing to boost corporate earnings through a lower cost of capital and increased consumer spending.
“However, there are downside risks, including prolonged elevated interest rates and the escalation of geopolitical tensions that could disrupt trade supply,” Unicapital said.
