Stock prices rise ahead of BSP rate-setting meeting

Manila, Philippines – The Philippine Stock Exchange index (PSEi) extended its rally for a second day, albeit with modest gains, ahead of the central bank’s review of interest rates.

The PSEi was a tad 0.25 percent higher at 6,098.74. The sub-indices were a mixed bag, with rate-sensitive sectors - banks and properties - ending in the red.

“The local market extended its climb as investors digested the Philippines’ August labor market figures which posted good figures,” PhilStocks Financial said in a note to investors.

“The peso’s strengthening against the US dollar also gave the market a boost,” it added.

The peso settled at a firmer P57.95 against the greenback, stronger by just 15 centavos.

Foreigners snapped up local shares, helping the exchange post a net inflow of P540.06 million. But trade remained sluggish with net value turnover at P5.24 billion.

NewsWatch Plus business news anchor Lois Calderon contributed to this report.