PSEi up 2.08% amid positive investor sentiment, peso weakens vs USD

The Philippine Stock Exchange index (PSEi) stabilized on Wednesday after recent declines, while the peso weakened against the US dollar.

The PSEi increased by 2.08 percent to 6,273.34 points and the All Shares gauge rose by 1.26 percent.

Services saw the largest gain at 3.97 percent, followed by Financials with a 3.53 percent increase; Property gained 2.71 percent; Mining and Oil, 2.41 percent; and Industrial, 0.33 percent.

Investor sentiment appears positive as they view recent prices as an opportunity for bargain buying ahead of the Bangko Sentral ng Pilipinas' (BSP) rate-setting meeting scheduled for Thursday.

Despite expectations that BSP might cut key rates due to low inflation, the peso closed at 57.16 against the US dollar, a slight depreciation from the previous day's close of 57.07.