Philippine shares rise 1.71%, peso strengthens

Local shares in the Philippines rose on Friday due to bargain hunting and improved market prospects, with the Philippine Stock Exchange index (PSEi) increasing by 1.71 percent to reach 6,413.10.

All sectors except Mining and Oil saw gains, with the latter declining by 0.65 percent.

Investors engaged in bargain hunting following recent declines, contributing to modest growth in Philippine shares despite a slow start earlier in the week.

The peso strengthened against the dollar, closing at 55.25 from the previous day's 55.59 and trading between 55.25 to 55.68.

Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the peso’s strength to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.'s signal on possible further rate cuts this year, along with President Marcos maintaining his economic team.