Bargain hunting lifts PSEi for third straight day; peso strengthens to 57-level vs. dollar

Business | BANKING Posted on 2025-10-06 02:07:19

MANILA – The Philippine Stock Exchange index (PSEi) extended its winning streak to a third consecutive trading day on Friday, lifted by sustained bargain-hunting activities, while the peso strengthened back to the 57-level against the US dollar.

The PSEi rose 1.14 percent to close at 6,108.86 points, while the broader All Shares index gained 0.73 percent to 3,685.85 points.

Most sectoral indices finished higher, led by Services, which climbed 3.47 percent, followed by Industrial (up 1.39 percent), Property (up 0.86 percent), and Financials (up 0.06 percent). In contrast, Mining and Oil slipped 2.06 percent, while Holding Firms edged down 0.07 percent.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the continued market rebound was partly driven by improved political sentiment, citing “some easing of political noises with military leadership support for President Ferdinand R. Marcos Jr., who launched an anti-corruption campaign since his SONA on July 28, 2025,” along with the ongoing US government shutdown due to congressional disagreements on funding measures.

Ricafort added that the PSEi’s next key support level stands near the 6,000 mark, with potential volatility as it “re-tests the immediate low of 5,804.56 posted on April 7, 2025.”

On the foreign exchange front, the peso closed at 57.87 against the US dollar, stronger than its 58.08 finish on Thursday. The local currency opened the session at 58.12 and traded between 58.15 and 57.86, averaging 57.98 for the day.

Trading volume rose to USD 1.62 billion from USD 1.16 billion in the previous session. Market participation remained upbeat, with 798.67 million shares valued at PHP 4.57 billion changing hands. Advancers outnumbered decliners at 111 to 79, while 63 issues were unchanged.

— NPO News Team | PNA-PR

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