PSEi extends rally to 6,210.66 on rate cut hopes

The Philippine Stock Exchange index (PSEi) extended its winning streak, closing at 6,210.66, up by 1.01 percent, driven by hopes of potential interest rate cuts from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

Finance Secretary and Monetary Board member Ralph Recto indicated that the BSP might implement another rate cut before the year ends, contingent on economic data and the Fed's policy decisions.

The market rally was further supported by a decline in local bond yields and the peso's continued strength, with the local currency ending at P56.89 against the US dollar.

Market activity was brisk, with net value turnover reaching P6.53 billion, excluding special block sales, surpassing the year-to-date average.

Foreign investors demonstrated net buying activity, and all sectoral indices advanced, notably the services sector.

Market breadth was positive, with 104 advancers outpacing 83 decliners.