THE Philippine Stock Exchange index (PSEi) extended its rally on Thursday, closing at 6,407.15, up 12.38 points, or 0.19 percent, as investors responded to the Bangko Sentral ng Pilipinas’ (BSP) 25-basis-point policy rate cut aimed at supporting economic growth.
The broader All Shares index rose 5.27 points, or 0.15 percent, to 3,542.05.
Mining and Oil led sector performance, gaining 3.76 percent, driven by Semirara Mining and Power Corp. (SCC), which surged 13.53 percent to P25.60.
In contrast, property declined 0.86 percent and services edged down 0.06 percent, reflecting selective buying amid moderate trading.
“Advancers outnumbered decliners 119 to 89, signaling cautious optimism,” Japhet Tantiangco, research manager at Philstocks Financial Inc., said.
Shawn Ray Atienza, equity research analyst at AP Securities Inc., said that the rebound in SCC and DMCI Holdings Inc. helped lift market sentiment, supported by the BSP’s move to prop up growth to normal levels.
Trading remained muted, with turnover at P4.94 billion, below the year-to-date average of P6.28 billion, while foreign investors were net sellers of P96.93 million, highlighting a measured approach despite positive market cues.
Meanwhile, the local currency weakened following another quarter-point rate reduction by the BSP.
The peso closed at P57.996:$1, down by 13 and a half centavos from the previous P57.861.
It opened at P57.88 and traded between P57.88 and P58 during the session. Trading volume reached P1.613 billion, up from the previous P1.046 billion.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened after the central bank delivered another 25-basis-point cut amid weaker growth concerns.