The PSEi extended its gain as investors bought up stocks before the market closed for the week.
The main index hiked 42.23 points or 0.60 percent to close at 7,124.84 with the Financials and Services sectors leading the advance although the Property and Mining and Oil counters retreated.
“Philippine shares continued to claw their way up as jobless claims dropped to over a decade low of 187k, pointing that the economic recovery of the U.S. could keep growing through headwinds like the Ukraine-Russia war and higher interest rates,” said Regina Capital De Corporation Managing Director Luis Limlingan.
Back home, the Bangko Sentral kept the key policy rate steady at a record low of 2 percent for an 11th consecutive meeting yesterday, as expected.
“As per Diokno, the central bank remains vigilant over possible implications of the dragging Ukraine war on the local economy. He also noted that the regulatory body is ready to take action on potential second-round effects from elevated pressures to inflation,” said Limlingan.