The PSEi rose further after the Bangko Sentral kept rates steady, spurring hopes of a long-awaited Santa Claus rally at the bourse.
The main index jumped 67.96 points or 1.06 percent to close at 6,478.44 as Conglomerates led the charge but the Property and Mining counters retreated.
Volume also a got a boost to 897 million shares worth P10.2 billion as losers edged out gainers by a hair at 86 to 85 with 42 unchanged.
“Philippine shares logged in another winning day after the Fed stated that its efforts to ease inflation are taking hold, and indicated 3 interest rate cuts next year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back home, the PSEi closed closer to the 6500 mark after the BSP policy rate announcement, and as investors bet on potential rate cuts in 2024.”
“Santa Clause may have just visited the local bourse as it gained, supported by strong market participation and net foreign inflows,” said Philstocks Financial Assistant Research Manager Claire Alviar.
She noted that, “The prevailing optimism, mirroring the trends in Asian markets, persisted after the Federal Reserve provided a dovish outlook in 2024. Additionally, the decision of the Bangko Sentral ng Pilipinas to keep interest rates unchanged boosted the sentiment at home.”