PSEi up 3.54% on positive news

by: Ed Paolo Salting, Manila Times


The Philippine Stock Exchange index (PSEi) extended its gains on Tuesday, surging by 204.57 points, or 3.54 percent, to close at 5,987.72 amid continued bargain hunting, boosted by the improvement in the manufacturing sector and the easing o f the 10-year Treasury notes to about 3.583 percent, down from more than 4 percent last week. 

“The PSEi corrected higher for the second straight day, in line with the sharp upward correction in the US stock markets by 2.3 percent-2.6 percent despite slower-than-expected ISM manufacturing data to the lowest in more than two years,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said. 

“Moreover, the healthy downward correction in US Treasury yields and in the US dollar versus major global currencies also triggered the relief rally in the US and local stock markets as the benchmark 10-year US Treasury yield eased to new one-week lows, now at 3.583 percent, down from the immediate high of 4.01 percent posted on Sept. 28, 2022.”….

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