THE peso extended its rally against the dollar on Thursday and the stock exchange also edged up following news of stronger-than-expected economic growth.

The currency strengthened by nearly 20 centavos to a three-month high of P57.316:$1 while the benchmark Philippine Stock Exchange index (PSEi) added 14.10 points, or 0.22 percent, to close the day at 6.549.27.

The broader All Shares was also marginally higher, gaining 8.20 points, or 0.23 percent, to 3,572.14.

The peso opened at P57.68:$1 and ranged from P57.25 to P57.68. Volume reached P1.612 billion, slightly lower than the P1.756 billion recorded in the previous session.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the second quarter growth result of 6.3 percent — higher than the market consensus of 6.0 percent — had allowed the peso to extend gains against the dollar for a seventh straight day.

The PSEi's continued recovery from Monday's crash also helped, he added.

Philstocks Financial Inc. research and engagement officer Mikhail Plopenio, meanwhile, said many investors "cheered the [growth] data as it is faster than Q1's 5.8 percent."

"It also brought the average GDP (gross domestic product) growth in the 1st half to 6.0 percent, which is [at the bottom end of] the government's target for the year."

Regina Capital Development Corp. Managing Director Luis Limlingan said "Philippine shares bucked the trend" on Wall Street, where investors remained on edge due to worries over the economy, geopolitical issues and November's presidential elections.

"Investors continued with their bargain hunting from the previous session, as the index attempt[ed] to make a push for 6,600 again," he added.

Sector results were mixed, with services gaining the most by 0.89 percent and property posting the biggest drop of 0.60 percent.

Gainers outnumbered decliners, 106 to 81, while 41 were unchanged.

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