PSEi closes at 3-week high on potential BSP rate cut

The Philippine Stock Exchange Index (PSEi) extended its winning streak to a third consecutive session, closing at a three-week high of 6,233.62.

The positive performance was influenced by the US Federal Reserve's decision to cut interest rates by 25 basis points for the first time this year, signaling two more potential cuts before year-end.

Investors anticipate that the Bangko Sentral ng Pilipinas (BSP) may follow the US Fed's lead in easing monetary policy, boosting appetite for risk assets.

The broader All Shares Index also saw an increase, closing at 3,734.45.

Bank stocks were among the top gainers due to the expectation of increased loan demand from lower borrowing costs.

While Wall Street's reaction was mixed, Philippine investors viewed the Fed's action as a cue for local easing.