PSEi climbs to 7,281 on stimulus hopes, BSP meet

The Philippine Stock Exchange index (PSEi) rose on Monday, inching up by 0.49 percent to 7,281.35 points, driven by investor optimism for a US stimulus program, a BSP meeting, and the Christmas rally.

All sectoral indices, except Property which lost 0.76 percent, tracked the main gauge, with Financials leading the gains at 1.59 percent.

The peso ended the day sideways against the US dollar at 48.05, almost unchanged from its previous close of 48.07.

Luis Limlingan, Regina Capital Development Corporation head of sales, cited anticipation of additional fiscal stimulus, the BSP meeting on Thursday, and the continued Christmas rally as reasons for the PSEi's performance.

Daily trading volume reached PHP8.9 billion, with 134 gainers outnumbering 75 losers.

The peso's slight movement was influenced by the hovering of global crude prices at nine-month highs, potentially increasing the oil import bill, although seasonal upticks in remittances, a narrower trade deficit, a weaker US dollar, and increased risk appetite in emerging markets due to vaccine deployment are expected to support the peso in the coming weeks.