Article by:
Joann Villanueva
MANILA – The local bourse’s main index started the week on a positive note, reversing its drop at the end of last week’s shortened trading period, but the peso weakened against the greenback.
The Philippine Stock Exchange index (PSEI) rose 1.86 percent to 5,942.16 points, and the broader All Shares by 0.89 percent to 3,349.61 points.
Most of the sectoral gauges also rose, led by the Services, jumping 4.36 percent. It was trailed by Industrial, 1.04 percent; Holding Firms, 0.91 percent; Financials, 0.44 percent; and Property, 0.40 percent.
Only Mining and Oil ended on the red, dropping 0.11 percent.
Volume rose to 1.81 billion shares amounting to PHP6.52 billion. Advancers led decliners, 102 to 91, while 66 shares were unchanged.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the Philippine Stock Exchange index’s (PSEi) rise partly to bargain-hunting ahead of the country’s hosting of the Association of Southeast Asian Nations (ASEAN) Leaders’ Summit in Cebu province later this week.
The event, he said, “could showcase the Philippines in terms of trade, investments, energy, rice/food supplies, among others.”
Ricafort also cited developments in the Middle East as a key market driver, noting that “(US President Donald) Trump signaled that the US will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday, May 4, 2026 that could help start new oil/petroleum/fuel deliveries and supplies for the rest of the world.”
On the other hand, the local currency weakened to 61.56 to a greenback after finishing at 61.48 Thursday last week. There was no trading on Friday, Labor Day, a regular holiday.
It opened the day at 61.42, traded between 61.32 and 61.62, and averaged 61.45.
Volume reached USD1.22 billion, lower than the previous session’s USD 2.48 billion. (PNA)
Log in with Google