Stocks jump on US gains, BSP rate cut

By James A. Loyola

The local stock market jumped on Friday from the steep fall in the previous day spurred by the surge in US stocks and the rate cut by the Bangko Sentral.

The Philippine Stock Exchange index (PSEi) rose 264.37 points, or 4.78 percent, to close at 5,789.97 with the Property sector at leading gains across the board.

Volume was lower but still hefty at 733 million shares worth ₱7.29 billion as gainers beat losers 142 to 63 with 27 unchanged.

“Local stocks rode on a 700-point surge in Dow Jone ms futures,” said Philstocks Financials Vice President for Research Justino Calaycay Jr. noting that US markets rallied vernight on the back of expectations the economy will be “reopened” as well as reports a new drug is showing efficacy versus COVID19.

Regina Capital Development Corporation Managing Director Luis Limlingan added that, “Locally shares got a boost from the surprise BSP cut of 50 basis points.”