(DC file photo)
Philippine stocks ended the week higher as declining global oil prices and easing U.S. Treasury yields lifted investor sentiment, while the peso closed at 62.80 against the U.S. dollar on Friday, October 9.
The Philippine Stock Exchange index (PSEi) climbed 1.61 percent to 5,700.99 points, while the broader All Shares index advanced 1.47 percent to 3,191.85 points.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the stock market’s recovery partly to lower international crude oil prices and a correction in U.S. Treasury yields after reaching a 24-year high earlier in the week.
Ricafort also cited U.S. President Donald Trump’s statement that Washington would not launch an attack against Iran ahead of the November 3 midterm elections as another factor supporting market sentiment.
All sectoral indices finished in positive territory, led by Mining and Oil, which gained 2.80 percent.
Services followed with a 2.36-percent increase, while Industrial rose 2.33 percent, Financials advanced 1.50 percent, Property climbed 0.79 percent, and Holding Firms added 0.61 percent.
Trading remained relatively subdued, with 630.34 million shares worth Php 7.8 billion changing hands.
Market breadth was positive as 120 companies recorded gains, compared with 57 decliners, while 62 issues remained unchanged.
Meanwhile, the Philippine peso finished at 62.80 against the U.S. dollar, compared with Thursday’s closing rate of 62.90.
The local currency opened at 62.75, weaker than its previous opening of 62.65, and traded between 62.73 and 62.90 throughout the session.
The day’s average exchange rate settled at 62.79 per dollar.
Foreign exchange trading volume declined to USD 1.39 billion from USD 1.45 billion in the previous session.
Looking ahead, Ricafort projected that the peso would trade within the 62.75 to 62.90 range on Monday.
The stock market’s rebound reflected improved investor sentiment amid easing external pressures, although currency movements and developments in global financial markets remain key factors to watch.
