PSEi rebounds off gov’t spending plans
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The Philippine Stock Exchange Index (PSEi) rebounded on Tuesday, climbing 1.67 percent to 6,401.96, as investor sentiment improved on expectations that the local economy could regain growth momentum.
Optimism was fueled by the government’s plan to roll out P1.44 trillion in spending in the first quarter, aimed at re-accelerating economic activity, alongside renewed hopes of a policy rate cut by the Bangko Sentral ng Pilipinas (BSP) in the Monetary Board’s upcoming 19 February meeting.
Trading remained healthy
Trading activity remained healthy, with net value turnover at P6.58 billion, while foreign investors were net buyers, posting P236.41 million in net inflows.
All sectors finished in positive territory, led by mining stocks, which surged 4.62 percent. Market breadth was firmly positive, with advancers outnumbering decliners, 134 to 84.
SM Prime Holdings led index gainers, rising 4.27 percent to P22.00, while only two index stocks ended lower — Emperador (-1.65 percent to P15.46) and Puregold Price Club (-1.11 percent to P35.60).
Peso closed unchanged
Meanwhile, the peso closed unchanged at P58.89 per dollar, essentially the same level as the P58.899 close on Monday. The currency held steady as US dollar movements were largely muted, with markets adopting a wait-and-see stance ahead of upcoming US economic data and central-bank guidance.
