Manila: The local stock market improved again on Thursday following the 90-day postponement of the United States’ reciprocal tariffs. The Philippine Stock Exchange index (PSEi) closed 1.19 percent higher to 6,077.82 points with All Shares increasing by 1.12 percent to 3,622.94.

According to Philippines News Agency, the local market continued with its run as investors appreciated US President Donald Trump’s move to temporarily drop tariff rates for most of its trading partners with higher tariffs set at 10 percent to allow room for negotiations. Philstocks Financial Inc.’s research manager Japhet Tantiangco noted that all counters closed with gains, with the most significant increase in the Mining and Oil sector, which saw its index jump by 6.45 percent to 9,276.33.

This was followed by Holding Firms, which rose by 3.77 percent to 5,074.22; Industrial, which increased by 1.27 percent to 8,545.60; Property, which went up by 1.09 percent to 2,181.57; Financials, which gained 0.12 percent to 2,373.37; and Services, which edged up by 0.01 percent to 1,916.63.

Trading activity remained strong with a net value turnover of PHP11.13 billion, surpassing the year-to-date average of PHP5.49 billion. However, foreigners were net sellers with net outflows amounting to PHP110.26 million. Market sentiment remained positive as winners outpaced losers at 129 to 72, with 46 counters left unchanged.

In currency markets, the Philippine peso finished at 57.35 to the US dollar. The local currency began the day at 57.18 before trading within a range of 57.14 to 57.36 against the greenback, with an average trading rate of 57.22 to the dollar. Trade volume for the day reached USD1.48 billion.