Manila: Stronger factory data lifted the Philippine Stock Exchange index (PSEi) on Tuesday, though the peso weakened against a rising United States dollar. The local stock market benchmark jumped 2.31 percent to close at 6,093.89 points, while the broader All Shares index gained 1.33 percent to end at 3,363.19 points, driven by the fourth consecutive month of expansion in the Philippine Manufacturing Purchasing Managers' Index (PMI).

According to Philippines News Agency, half of the sectoral gauges also gained, namely Services, 5.45 percent; Financials, 3.26 percent; and Holding Firms, 0.26 percent. On the other hand, Mining and Oil fell 1.20 percent; Industrial, 1.10 percent; and Property, 0.08 percent. Volume reached 1.88 billion shares amounting to PHP10.47 billion. Advancers led decliners at 106 to 88, while 64 shares were unchanged.

Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the PSEi's climb to the steady growth of the Manufacturing PMI, which surged to 54.9 in August - the highest level since December 2016. The index previously stood at 51.8 a month ago. Ricafort described the jump as a positive signal, noting that the PMI acts as a leading economic indicator pointing toward a pickup in business activity, aligning with recent record-high export numbers driven by the boom in artificial intelligence-related infrastructure and high-end electronics/semiconductors.

Meanwhile, the local currency weakened against the greenback, closing Tuesday's trade at 62.40 from its 62.26 finish on Friday. Trading was suspended on Monday in observance of National Heroes Day. The peso opened at 62.25, trading between a high of 62.25 and a low of 62.40, with an average intraday rate of 62.35. Total volume fell to USD1.30 billion, down from USD1.96 billion in the previous session.