PSEi surges 1.3%, closes at highest since Feb 2022

The Philippine Stock Exchange index (PSEi) rebounded sharply on Thursday, rising 1.3% or 96.12 points to its highest level since February 9, 2022, fueled by dovish comments from the Bangko Sentral ng Pilipinas (BSP) governor.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that Thursday's closing was the PSEi’s best finish in over 31 months, ending at 7,458.74.

Five out of six counters ended in positive territory, with Financials recording the biggest gain at 2.59 percent, and San Miguel Corp. being the day's top index gainer, jumping 6.11% to P89.50.

The Philippine peso closed slightly weaker at 55.97 to the US dollar, a decrease from Wednesday’s rate of 55.88.

Trade volume increased to PHP12.53 billion on Thursday compared to Wednesday's volume of PHP8.05 billion.