The Philippine stock market on Monday climbed 81.35 points, or 1.16 percent, to close at 7,104.20.
All sectors were green, with Miners leading the gainers, increasing by 1.59 percent, followed by Banking, up by 1.43 percent; and Industrials, 1.37 percent.
Monde Nissin Corporation was the top index gainer, jumping by 5.97 percent to P10.30. Meanwhile, Converge ICT Solutions Inc. was the biggest loser, down by 1.54 percent to P16.62.
DigiPlus Interactive Corp. was the most actively traded stock with a value of 730,776,158, up by 5.63 percent, followed by International Container Terminal Services, Inc., with a value of 397,847,212.00, up by 0.58 percent.
According to Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, the optimism for a possible Fed rate cut in its meeting this week boosted the bellwether index.
“The local currency which exhibited strength against the US Dollar in today’s trading also contributed to the market’s climb. However, trading was anemic with net value turnover posting P3.78 billion, lower than the year-to-date average of P5.03 billion,” he said in a Viber message.
Advancers outweighed Decliners at 115 to 85, while 53 names were unchanged.
The peso closed at P55.88 from a dollar.