The Philippine Stock Exchange index posted a modest recovery on Thursday as investors picked up discounted shares following the previous session’s sell-off, while the peso remained broadly unchanged against the US dollar.
The PSEi rose 0.70 percent to close at 5,958.64, while the broader All Shares index gained 0.54 percent to 3,318.11.
Regina Capital Development Corp. head of sales Luis Limlingan said bargain hunting supported the rebound as investors took advantage of lower valuations. However, gains were limited by market uncertainty and the US Federal Reserve’s latest interest rate increase.
The Fed raised its benchmark rate by 25 basis points to a target range of 3.75 percent to 4 percent after its Sept. 16 meeting, its first rate hike since 2023, as inflation remained above its 2-percent target.
Most sectoral indices ended higher, led by Holding Firms, which gained 1.45 percent. Services rose 1.18 percent, Industrial advanced 0.94 percent and Mining and Oil increased 0.88 percent.
Financials declined 0.82 percent, while Property slipped 0.25 percent.
Trading volume reached 747 million shares valued at Php 25.5 billion. Decliners edged advancers, 97 to 93, while 66 issues were unchanged.
Meanwhile, the peso closed at Php 62.73 against the dollar, little changed from Wednesday’s Php 62.739 finish.
The local currency opened at Php 62.83 and traded between Php 62.72 and Php 62.85. Foreign exchange volume reached USD 1.27 billion, down from USD 1.35 billion the previous day.
