Philstar
PSEi gains as market cheers tariff exemption, rate cut
The Philippine Stock Exchange Index (PSEi) rose 2.01% to close at 5,930.81 on Thursday, driven by foreign buying and optimism over US tariff exemptions.
The US decision exempts over $1 billion worth of Philippine agricultural exports, including bananas, coconuts, coffee, pineapples, and beef, from a 19% reciprocal tariff.
This exemption, effective November 13 under President Donald J. Trump's executive order, aims to maintain the competitiveness of Filipino exports in the US market.
The market rally was further supported by continued bargain hunting and expectations of a policy rate cut from the Bangko Sentral ng Pilipinas in December.
The property sector saw the biggest gains, while the mining and oil sector was the only one to decline.
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The Philippine Stock Exchange index (PSEi) advanced for the second straight session, increasing by 0.23 percent to close at 5,726.99 points as investors continued bargain hunting.
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The Philippine Stock Exchange index (PSEi) advanced and approached the 6,000 mark, driven by sustained buying interest.
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The United States has confirmed continued tariff exemptions for key Philippine agricultural products, including coconuts, pineapples, and bananas, covering over $1 billion in export value as of 2024.
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Philippine stocks, represented by the PSEi, closed above the 6,000 mark for the first time in a month, driven by bargain hunting and optimism for further monetary policy support from the Bangko Sentral ng Pilipinas (BSP).
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Philippine stocks are expected to continue their decline this week due to ongoing political turmoil and weak economic data that are dampening investor confidence.
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