The Philippine peso sustained its gains, while local stocks rose Wednesday ahead of the Monetary Board’s policy meeting.
The peso closed at 56.95 against the US dollar Wednesday, slightly up from 56.96 Tuesday which was the strongest in nearly four months.
The PSEi, the 30-company benchmark index of the Philippine Stock Exchange, rose 54.52 points, or 0.82 percent, to close at 6,704.96, while the broader all-shares index added 19.30 points, or 0.54 percent, to finish at 3,629.30.
Regina Capital Development Corp. head of sales Luis Limlingan said investors continued to hunt for bargains ahead of the Bangko Sentral ng Pilipinas meeting Thursday.
Positive macroeconomic data and strong corporate earnings that underscore the strength of the domestic economy also boosted investor sentiment.
The bourse was energized by positive sentiment from the US market which rose after softer-than-expected Producer Price Index report.
The strengthening of the peso also lifted the index.
All indices ended in the green, led by property which jumped 1.69 percent on expectations of possible interest rate cut by the BSP. Mining and oil also advanced by 1.44 percent and industrial by 1.33 percent.
Trading volume reached P6.34 billion, with 98 gainers against 105 decliners.
