Manila: Continued slide of global oil prices helped lift the Philippine Stock Exchange index (PSEi) Monday, while expectations for more Bangko Sentral ng Pilipinas (BSP) rate cuts this year resulted in another correction of the peso. The main stocks gauge rose 0.46 percent to 6,425.24 points, which Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said is among the highest since May 28 this year.

According to Philippines News Agency, the broader All Shares index also ended on a positive note after rising by 0.40 percent to 3,779.93 points. Most of the sectoral indices tracked the main index, led by Financials, which jumped by 0.88 percent. This was followed by Services with an increase of 0.79 percent, along with Property at 0.74 percent and Industrial at 0.47 percent. On the other hand, Mining and Oil slipped by 2.32 percent, and Holding Firms slightly decreased by 0.006 percent.

Volume reached 910.7 million amounting to PHP7.78 billion. Decliners led advancers at 100 to 96 while 66 shares were unchanged. Ricafort traced the positive sentiments in the local bourse partly to the decline of global oil prices for the second consecutive week after rising to the USD80 per barrel level in the third week of June due to the Iran-Israel war. This development also resulted from the OPEC+'s decision to increase oil production by 548,000 barrels per day.

Ricafort mentioned that these developments translated to a decline in domestic oil prices, which "could help support benign inflation." On the other hand, the local currency ended sideways against the US dollar at 56.68 from 56.4 Friday last week. It opened the day sideways at 56.48, and traded between 56.46 and 56.71. The average for the day stood at 56.59. Volume reached USD1.53 billion, down from USD1.62 billion in the previous trading.