PSEi climbs past 5,900 on US tariff exemption optimism

The Philippine Stock Exchange Index (PSEi) recovered and climbed further to the 5,900 level on Thursday, driven by investor optimism following the US decision to exempt over $1 billion worth of Philippine agricultural exports from tariffs.

The PSEi increased by 2.01 percent, or 117.1 points, to close at 5,930.81, surpassing Wednesday's close of 5,813.71.

Trading was active with a net value turnover of P6.68 billion.

The mining and oil sector was the only one to experience a decline, while the property sector logged the biggest gains.

Japhet Tantiangco, Philstocks financial research manager, stated that the market rally was extended as investors continued bargain hunting, backed by optimism towards the exemption of most Philippine agricultural exports from US reciprocal tariffs.

Luis Limlingan, head of sales at Regina Capital Development Corp, added that expectations of further policy rate cuts from the Bangko Sentral ng Pilipinas next month also boosted the market's appetite.