Manila: The local stock market saw a positive turnaround following the MSCI rebalancing, with the Philippine Stock Exchange index (PSEi) experiencing a notable rise. Meanwhile, the peso faced a downturn, closing weaker on Monday.
According to Philippines News Agency, the PSEi climbed by 1.03 percent, reaching 6,850, while the broader All Shares index increased by 0.62 percent to 3,811.74. All sectoral indices concluded the day in positive territory, led by the Services sector, which rose by 2.06 percent. The market witnessed a close competition between advancers and decliners, with 94 stocks gaining and 91 declining, while 64 remained unchanged.
Luis Limlingan, the managing director of Regina Capital Development Corp., commented on the market’s performance, noting, “Philippine shares bounced back to close 69 points up at 6,850, to start the week after previous sessions in the red as investors followed the latest MSCI rebalancing which came into effect this afternoon.”
Japhet Louis Tantiangco, a senior rese
arch analyst at Philstocks Financial, Inc., attributed the market’s rebound to bargain-hunting activities. “The local market bounced back as investors hunted for bargains at the 6,700 – 6,800 support range, following two straight days of decline,” he explained.
On the currency front, the peso depreciated to 58.99 against the US dollar, down from 58.87 on Friday. The peso opened at 58.85 and fluctuated between 59 and 58.8, resulting in an average rate of 58.89.
