MANILA – The Philippine Stock Exchange index (PSEi) rallied for two straight days ahead of the Monetary Board's policy meeting, while the peso weakened against the US dollar.
The local index increased on Wednesday by 26.61 points, closing at 6,854.53, with All Shares ending higher by 11.35 points at 3,588.23.
"Earlier, the market briefly dipped into the red territory as the US inflation rate came in hotter-than-expected, which highlighted the possibility that the Federal Reserve might not cut interest rates as early as investors had hoped," Philstocks Financial, Inc. assistant research manager Claire Alviar said.
"(U)nlike the unexpected inflation rate spike in the US, the Philippines inflation rate was easing and still within the expectations, leading investors to look forward to the meeting of the BSP," she added.
Among sectoral indices, Mining and Oil and Services closed in the red at 135.72 and 4.13 points, respectively.
The local bourse's net market value turnover stood at PHP4.06 billion.
Advancers and decliners were almost equal at 90 to 80, with 47 shares left unchanged.
Meanwhile, the Philippine peso closed weaker at 56.10 to the dollar from the 55.94 close the previous day.
It opened the day at 56.18 and traded between 56.08 and 56.33.
The weighted average level stood at 56.23 to the greenback.
Trade volume increased to USD1.34 billion from USD1.26 billion. (PNA)
