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PSEi up 0.19% on peso climb

THE Philippine Stock Exchange index (PSEi) gained for the second straight day on Friday, up by 12.26 points, or 0.19 percent, to close at 6,606.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said this was after the peso exchange rate appreciated back to the P56 mark against the United States dollar, its strongest in the week when it also hit a record low. This was in line with the healthy downward correction of the US dollar versus major global currencies, as well as some measures by some Asian central banks to stabilize their respective local currencies.