Philippine Stocks Rally on Vaccine Hope, Peso Stable

The Philippine stock market rallied on Thursday with the PSEi gaining 2.49 percent to 6,364.08 points, boosted by news of a potential coronavirus vaccine.

The local currency also strengthened against the US dollar, trading at an average of 49.851 for the week.

On Monday, despite the peso remaining stable, the PSEi declined 1.40 percent to 6,105.18 points due to rising global coronavirus cases and economic reopening anxieties.

Market analysts noted that the unexpected cut in BSP's key policy rates last Friday had initially calmed concerns but risks remain with increasing infections.