THE PHILIPPINE STOCK Exchange index (PSEi) advanced on Thursday, fueled by foreign buying and optimism over the US exemption of most Philippine agricultural exports from reciprocal tariffs.
The main index rose 2.01% or 117.1 points to close at 5,930.81, while the broader all-share index gained 2.55% or 83.18 points to 3,335.02, marking a second straight day of gains.
“Our local bourse leaped bounds in the latter half of the trading day as foreign buyers supported quality names, maintaining the upward momentum from [Wednesday],” AP Securities, Inc. said in a market note.
“The local market extended its rally as investors continued bargain hunting, backed by optimism toward the exemption of most Philippine agricultural exports from US tariffs and hopes that the Bangko Sentral ng Pilipinas will deliver another rate cut in December,” Japhet Louis O. Tantiangco, research manager at Philstocks Financial, Inc., said in a Viber message.
The US exemption, effective Nov. 13 under President Donald J. Trump’s latest executive order, lifts the 19% reciprocal tariff on selected Philippine agricultural products, including bananas, coconuts, coffee, pineapples and beef.
Most Philippine goods have faced the levy since August. Trade Secretary Ma. Cristina A. Roque has said the exemption would help maintain the competitiveness of Filipino exports in the US market.
“The positive cues from Wall Street also helped in Thursday’s session,” Mr. Tantiangco added.
Most sectoral indexes ended higher. Property surged 2.82% to 2,178.56; financials climbed 2.63% to 1,983.07; holding firms gained 1.38% to 4,597.19; industrials rose 1.21% to 8,621.59; and services edged up 1.13% to 2,389.60. Mining and oil was the only decliner, slipping 0.48% to 12,703.42.
Market breadth was positive, with 96 advancers versus 72 decliners, while 66 stocks were unchanged.
Value turnover jumped to P15.69 billion on 1.74 billion shares, up from P6.23 billion on 886.24 million shares on Wednesday. Net foreign buying surged to P7.42 billion, reversing Wednesday’s net selling of P915.4 million. — Alexandria Grace C. Magno