Stocks surge after BSP meeting

Published December 13, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Local share prices ended the week on a strong note as investors cheered prospects of lower inflation and rate cuts by the Bangko Sentral next year.

The main index rose 136.56 points or 1.76 percent to close at 7,877.63 points as share prices rose across the board.

Volume also improved further to 714.47 million shares worth P7.49 billion as there were twice as many gainers at 123 to 61 losers with 55 unchanged.

“Philippine stocks jumped as the so-called phase one trade deal between the U.S. and China has been agreed to in principle,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Investors were also reacting when the Monetary Board of the central bank kept the key interest rates unchanged… Meanwhile, BSP is expected to start slashing policy rates by February 2020 – according to the consensus of international think tank.”