Philippine stocks rise, peso slips

On Wednesday, the Philippine Stock Exchange index (PSEi) rose by 0.38 percent due to positive corporate earnings reports, while the peso weakened against the US dollar.

The Services sector led gains with a 1.86 percent increase, followed by Mining and Oil, Financials, Industrial, and Holding Firms sectors.

Volume totaled 1.1 billion shares worth P4.64 billion, with gainers outnumbering losers 115 to 73.

Positive local news on Tuesday lifted the equities index by 1.76 percent and strengthened the peso to its highest level since July 6.

Factors contributing to the peso's strength included net foreign buying, steady unemployment rate, vaccine arrivals, DOH decision to vaccinate non-priority groups, BOC collections above target, and lower importation activities in August.