Manila: The local bourse's main index started the week on a positive note, reversing its drop at the end of last week's shortened trading period, but the peso weakened against the greenback. The Philippine Stock Exchange index (PSEi) rose 1.86 percent to 5,942.16 points, and the broader All Shares by 0.89 percent to 3,349.61 points.

According to Philippines News Agency, most of the sectoral gauges also rose, led by the Services, which jumped 4.36 percent. It was followed by Industrial at 1.04 percent, Holding Firms at 0.91 percent, Financials at 0.44 percent, and Property at 0.40 percent. Only Mining and Oil ended in the red, dropping 0.11 percent. Volume increased to 1.81 billion shares amounting to PHP6.52 billion, with advancers leading decliners, 102 to 91, and 66 shares remaining unchanged.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed the PSEi's rise partly to bargain-hunting ahead of the country's hosting of the Association of Southeast Asian Nations (ASEAN) Leaders' Summit in Cebu province later this week. The event, he noted, 'could showcase the Philippines in terms of trade, investments, energy, rice/food supplies, among others.' Ricafort also cited developments in the Middle East as a key market driver, pointing out that 'US President Donald Trump signaled that the US will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday, May 4, 2026, that could help start new oil/petroleum/fuel deliveries and supplies for the rest of the world.'

On the other hand, the local currency weakened to 61.56 to a greenback after finishing at 61.48 Thursday last week. There was no trading on Friday due to Labor Day, a regular holiday. It opened the day at 61.42, traded between 61.32 and 61.62, and averaged 61.45. The volume reached USD1.22 billion, lower than the previous session's USD2.48 billion.