Philippine equities extended their rally on Monday, pushing the benchmark index past the 6,200 mark as investors positioned for a series of positive macroeconomic data releases later in the week.
The buying spree marked a continuation of the recovery that began earlier in the session, with market participants betting on improved economic fundamentals to drive further gains.
Despite the equity strength, the Philippine peso weakened, dipping to P61.49 per dollar.
The currency’s slide highlights the divergent pressures facing the market: while domestic growth expectations are lifting stocks, external headwinds and capital flow dynamics continue to weigh on the local unit.
This divergence suggests that foreign investors remain cautious about currency exposure even as they accumulate local equities.
The market’s optimism comes after a period of volatility, with the PSEi previously breaching key support levels amid deteriorating sentiment.