Philippines: Stocks soar to highest level in over 2 years

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The local stock market soared to its highest level in over two years as it broke past the 7,100-mark a few days after breaching the psychological 7,000-level.

The benchmark Philippine Stock Exchange index (PSEi) opened the week strong, surging by 1.16 percent or 81.35 points to settle at 7,104.20.

This was the PSEi's highest finish since April 20, 2022 when it closed at 7,142.42.

The broader All Shares index also ended in positive territory, jumping by 0.83 percent or 31.37 points to 3,820.

'Philippine shares started the week positively, buoyed by the World Bank's forecast of a 5.8 percent GDP (gross domestic product) growth for 2024, driven by lower interest rates boosting domestic consumption,' Luis Limlingan of Regina Capital said.

Philstocks Financial research manager Japhet Tantiangco said optimism toward a possible rate cut by the US Federal Reserve in their meeting this week drove the local bourse higher.

Tantiangco said the local currency, which exhibited strength against the dollar, likewise contributed to the market's climb yesterday.

'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.

All sectors were in the green, four of which increased by more than one percent.

Leading the charge was mining and oil with a 1.59-percent gain, followed by financials with a 1.43-percent increase.

Advancers pummeled decliners, 115 to 85, while 53 issues were unchanged.

Monde Nissin posted the largest gain among index members at 5.97 percent, while Converge ICT lost the most at 1.54 percent.

Among the most actively traded stocks during the session were DigiPlus (up 5.63 percent), ICTSI (up 0.58 percent), BDO (up 2.37 percent), Ayala Corp. (up 2.26 percent) and SM Investments (up 0.9 percent).