The local stock market ended the week in a positive three-day rally as investors' worries eased on lower inflation projections from the central bank for the coming years.
The main index rose by 20.41 percent or 0.33 percent closing at 6,211.89 with Industrial and Holding Firms sectors gaining between 45 to 80 points. However, the Property, Services, and Financial sectors took marginal hits.
The volume of shares traded amounted to 462 million, valued at P4.93 billion as losers edge gainers 88 to 80, with 53 unchanged.
According to Philstocks Financial Assistant Research Manager Claire Alviar, the local bourse gained "as the sentiment was boosted following the decision of the Bangko Sentral ng Pilipinas to keep the interest rates unchanged and downwardly revised its inflation projections for 2023, 2024, and 2025."
"Currently, investors are reacting positively to the slowdown in inflation, both domestically and in the US, giving hope to the investors that both the BSP and the Federal Reserve will consider a pause in hiking interest rates," Alviar explained.
Similarly, Regina Capital Development Corporation Managing Director Luis Limlingan said "the local bourse closed above the 6,200-mark as investors looked deeper into the implications of the recent BSP's monetary policy decision on the economy."