The Philippine Stock Exchange index (PSEi) rose for a third straight session as investor sentiment improved amid a firmer peso and prospects for further central bank interest-rate cuts.
The main index, or PSEi, added 17.88 points, or 0.29 percent, to close at 6,094.10 on Wednesday, Oct. 15, although sectoral indices were evenly split between gainers and losers.
Volume climbed to 2.58 billion shares worth ₱7.89 billion, as decliners outnumbered advancers 107 to 95, with 56 stocks unchanged.
“The PSEi extended its gains in today’s session as market sentiment turned positive, supported by the peso holding its ground against the greenback, nearing the 57 mark,” said Luis Limlingan, managing director at Regina Capital Development Corp. “Moreover, bargain hunting continued to be one of the key drivers of trading activity throughout the week.”
The local market managed to climb “as investors continued with their bargain hunt,” said Japhet Tantiangco, research manager at Philstocks Financial. The improvement in the peso’s position and low yields amid expectations of further Bangko Sentral ng Pilipinas rate cuts also helped in Wednesday's session, he said.