The Philippine Stock Exchange index closed up 1.57% at 6,334.72, while the all shares index gained 1.03% to 3,430.16. The rise reflects investor optimism amid easing geopolitical tensions and positive domestic data.
The peso strengthened, closing at 60.93 per dollar, its strongest level since mid-June, following a decline in global oil prices after a statement from U.S. officials about a pause in potential strikes against Iran. The improvement in the peso supports local businesses and reduces import costs.
The manufacturing Purchasing Managers' Index rose to 51.8 in July from 50.9 in June, marking the third consecutive month of expansion. Most sector indices ended higher, with services up 3.3%, mining and oil up 1.56%, financials up 1.26%, holding firms up 0.75% and industrials up 0.47%. Property fell 0.84%.
Advancing stocks outnumbered decliners 109 to 79, with 53 unchanged. International Container Terminal Services led gains at 4.36%, while Ayala Land recorded the largest loss at 5.33%.
Trading volume fell to 5.8 billion pesos, with 611.77 million shares traded, down from 10.9 billion pesos and 1.26 billion shares the previous Friday. Net foreign investment shifted to a purchase of 75.66 million pesos, reversing prior selling.
