PSEi gains 1.68% to 6,566.82 on positive US equities, midterm elections

The Philippine Stock Exchange index (PSEi) experienced a notable increase of 1.68 percent, closing at 6,566.82, driven by positive performance in US equities and the successful conclusion of the midterm elections.

The broader All Shares index also saw gains, rising by 1.13 percent to 3,805.33.

Market sentiment was bolstered by a temporary US-China tariff reduction deal that eased trade tensions, leading to a rally in US stocks and subsequently influencing Asian markets.

The peaceful conduct of the midterm elections further contributed to the positive atmosphere in the local market.

Most sectors on the stock exchange closed higher, with the exception of the Mining and Oil sector, which experienced a decline of 1.34 percent.

Advancers outnumbered decliners, with 96 stocks rising compared to 83 that fell.

The Philippine peso closed at 55.80 against the US dollar, trading within a range of 55.58 to 55.9 throughout the day.

The peso opened at 55.8 and settled with a weighted average of 55.71.

A total of USD1.88 billion in trade volume was recorded for the peso.