The PSEi continued to rise on bargain hunting as investors anticipate a benign inflation rate for July while the peso also firmed up.

The main index added 42.52 points, or 0.67 percent, to close at 6,348.65. Sectoral indices were equally divided, with the property counter leading advancers. A total of 797 million shares worth ₱5.2 billion changed hands, as gainers outnumbered losers—100 to 91, with 61 unchanged.

“Investors are likely looking for bargains after a week of strong selling pressure. Moreover, investors are still awaiting GDP [gross domestic product] and inflation data, which could prompt them to take a firmer position,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said, “The local market's sideways movement ended in the positive territory as investors continued with their bargain hunting. Expectations that inflation last July has remained well under control also helped in lifting the market.”

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort said the PSEi is up for the second-straight day after the United States (US) dollar corrected lower against the peso following recent signals from the Bangko Sentral ng Pilipinas (BSP) that it has room to intervene in the foreign exchange (forex) market during big and sudden forex moves that may have impact on inflation.