PSEi rises 0.05% as investors return from Lenten break
The Philippine Stock Exchange Index (PSEi) inched higher on Monday, rising by 0.05% or 3.38 points to close at 6,138.
Investors resumed bargain hunting after the Lenten break, with appreciation of corporate fundamentals and hopes for further monetary policy easing from the Bangko Sentral ng Pilipinas (BSP) driving market growth.
Finance Secretary Ralph G. Recto estimated that Philippine GDP may have expanded by 6% in the first quarter, while BSP Governor Eli M. Remolona indicated potential for further interest rate cuts this year.
Majority of sectoral indices closed lower on Monday, with property and industrials leading declines; however, mining and oil, along with financials, showed gains.
Bank of the Philippine Islands was the day's top performer, climbing 2.35%, while SM Prime Holdings led decliners, falling 3.1%.
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