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Stocks up amid rate cut expectations; peso closes at 58.44: $1

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The local bourse ended the day in positive territory, while the peso moved sideways.

The Philippine Stock Exchange index (PSEi) gained 27.23 points to 6,556.66, while the broader All Shares rose 13.82 points to 3,538.24.

“The local market rose by 27.23 points (0.42%) to 6,556.66 as rate cut hopes were strengthened due to the dovish comments from Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr.,” Philstocks Financial Inc. research and engagement officer Mikhail Plopenio said.

“The BSP Governor stated that the central bank cannot wait too long before cutting interest rates as this poses downside risks to the economy’s output. He also said that a rate cut by the third and fourth quarter is likely,” he said.

Plopenio added the rate cut narrative seems to boost investors’ confidence as many are anticipating it since the start of the year.

Sectors were mixed with the conglomerates having the biggest gain, climbing 0.90 percent.

Banks, however, lost the most, dropping 0.77 percent.

Gainers edged losers 97 to 90.

The Philippine peso, meanwhile, closed at 58.44 to a dollar from the previous day’s 58.50.

It opened the day at 58.54 and traded between 58.43 and 58.56.

The weighted average for the day was at 58.495.

Total volume of trade went up to USD1.1 billion from USD1.07 billion on Monday.*PNA

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