The local stock market capped the week with a rally after the central bank decided to cut rates.
The PSEi surged 172.17 points or 2.46 percent to 7,169.79 as share price rose across the board.
Volume was lower but remained hefty at 32 billion shares worth P10.94 billion as gainers swamped losers 159 to 66 with 45 unchanged.
“Local shares crossed well above 7100 as investors bought up shares after the surprise cut of the BSP and by hopes that Washington lawmakers still could come together and pass a coronavirus aid relief package to limit the economic damage wrought by the pandemic,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun noted that the rate cute “gave investors confidence that the government is willing to do whatever it can to spur economic growth in the near future.”