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PSEi jumps to over one-month high on PMI data
The Philippine Stock Exchange index (PSEi) reached a one-month high, closing at 6,423.85 points on Tuesday, extending its recent winning streak.
This upward trend was influenced by the implementation of the Capital Market Efficiency Promotion Act (CMEPA) on July 1, which reduced the stock transaction tax to 0.1%.
The law aims to stimulate trading and attract investment by reducing stock transaction taxes, with experts expecting enhanced liquidity and more investor participation.
Investor sentiment was also bolstered by the S&P Global Philippine Manufacturing PMI rising to 50.7 in June, indicating a modest expansion in factory activity.
The market bounced back amid expectations that inflation in June remained well under control, giving the Bangko Sentral ng Pilipinas (BSP) room for continued policy easing.
Investors also welcomed the appreciation of the local currency against the dollar.
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