Manila, Philippines - The Philippine stock market and the local currency experienced positive movements on Tuesday, buoyed by an increase in the country's foreign reserves and an overnight rally in the US markets.

According to Philippines News Agency, managing director of China Bank Capital Corp., the benchmark Philippine Stock Exchange index (PSEi) closed at 6,208.83 points, marking a rise from Monday's finish, with the broader All Shares index also ending in the green at 3,314.60 points. Colet noted that the market environment, along with the favorable auction of 20-year US Treasuries, encouraged bargain hunting in local equities. He also mentioned that the 6,200 to 6,250 level is a significant resistance zone for the local bourse.

Sectoral indices showed mixed results, with Industrial, Financials, and Services sectors closing higher, while Property, Mining and Oil, and Holding Firms saw declines. Claire Alviar, assistant research manager at Philstock Financials, Inc., stated that the positive market sentiment was further supported by the Philippines' balance of payments surplus in October, which could bolster the peso's recent gains against the US dollar.

The Philippines' gross international reserves as of end-October 2023 were reported to have increased to USD 101 billion. Alviar noted that the net market value turnover reached PHP 3.8 billion, with Jollibee Foods Corporation leading the index's gainers, while Wilcon Depot, Inc. saw a decrease.

The Philippine peso also strengthened, closing at PHP 55.39 to a US dollar, an improvement from Monday's PHP 55.55 finish. The peso opened at PHP 55.43 and peaked at PHP 55.34 during the day's trade. The weighted average level was PHP 55.38 against the dollar, with the trade volume rising to USD 1.6 billion from USD 1.51 billion the previous day.