The Philippine Stock Exchange index (PSEi) continued to rally on Thursday, Nov. 20, as foreign investors joined the bargain buying following expectations of a rate cut and the exemption of Philippine agricultural exports from higher United States (US) tariffs.

The main index soared by 117.1 points, or 2.01 percent, to close at 5,930.81. The interest-sensitive property and banking sectors led the advance, while miners declined.

Volume more than doubled to 1.74 billion shares worth ₱15.69 billion. Gainers outpaced losers—96 to 72, with 66 unchanged.

“The local bourse continued its ascent as buying pressure accelerated. The rally was fueled by renewed confidence following indications of further rate cuts from the Bangko Sentral ng Pilipinas (BSP) before the end of the year,” said Regina Capital Development Corp. managing director Luis Limlingan.

He added that the removal of agricultural tariffs and the government’s plans for negotiations to reduce tariffs on non-exempt goods helped on the sentiment.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market extended its rally as investors continued with their bargain hunting backed by optimism toward the exemption of most Philippine agricultural exports from the US’ reciprocal tariff and hopes that the BSP will deliver another rate cut in their December meeting.”

“The positive cues from Wall Street also helped in Thursday’s session,” he noted.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi made its best performance in three weeks after the latest large net foreign buying at the local stock market at $125.6 million.

He said this comes after newly appointed Executive Secretary Ralph G. Recto “signaled the prioritization of good governance reforms,” pointing out that if anti-corruption measures or reforms and higher governance standards are taken seriously, then these should be favorable for the local economy and financial markets.