PSEi nears 6,000 mark amid sustained buying interest

The Philippine Stock Exchange index (PSEi) advanced and approached the 6,000 mark, driven by sustained buying interest.

The PSEi closed at 5,997.13, marking a 1.12% increase or 66.32 points, the third consecutive day of gains.

The broader All Shares Index also saw a significant rise, gaining 2.5% or 83.5 points to settle at 3,418.52.

Market sentiment was bolstered by a favorable balance of payments surplus of $706 million reported by the Bangko Sentral ng Pilipinas (BSP) for October, the highest in eight months.

This positive economic data eased investor concerns regarding external pressures, leading to a more optimistic outlook.

Investor confidence was further boosted by newly appointed Executive Secretary Ralph Recto's commitment to prioritize good governance reforms.