PSEi climbs to 3-week high on US Fed rate cut, banks lead gains

The Philippine Stock Exchange Index (PSEi) extended its winning streak to the third consecutive session, climbing by 22.96 points to close at 6,233.62 on Thursday, a three-week high.

This rally was spurred by the US Federal Reserve's decision to cut its key interest rate by 25 basis points, a move often mirrored by the Bangko Sentral ng Pilipinas (BSP).

The local currency closed at P56.89 against the US dollar.

Market activity was brisk, with net value turnover reaching P6.87 billion, and foreign investors recorded net inflows.

All sectoral indices advanced, with banks emerging as top gainers following the rate cut, which could boost loan demand.

BDO Unibank Inc. climbed by 0.7 percent to P144 each, Bank of the Philippine Islands by 1.79 percent to P114, and Metropolitan Bank and Trust Co. by 0.29 percent to P68.85 per share.