PSEi closes above 6,000 mark amid bargain hunting and rate cut hopes

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).

The PSEi saw a significant increase of 0.4%, or 24.46 points, to settle at 6,021.59, marking its best finish since October 23.

Investor sentiment was boosted by expectations of another policy rate cut from the BSP before the year concludes.

This positive outlook persists despite a depreciation of the peso against the US dollar, as inflation remains below the BSP's target, creating room for further monetary easing.

BSP Governor Eli M. Remolona, Jr. indicated the possibility of a fifth consecutive 25-basis-point cut at the Monetary Board's December 11 meeting.

This potential rate cut aims to stimulate the economy, which experienced weak growth in the last quarter, partly due to a corruption scandal affecting consumer and investor confidence.