PSEi jumps back to 6,600 level

The PSEi returned to the 6,600 level as investor sentiment continues to be buoyed by the lower rate hike implemented by the US and Philippine central banks.
The main index rose by 65.81 points or 1.01 percent to close at 6,602.17 as the Services sector led the advance with only the Mining and Oil counter lagging behind. Volume improved but was still thin at 627 million shares worth P4.68 billion as gainers beat losers 102 to 82 with 43 unchanged.
“Philippine shares retested the 6,600 level once more closing in the green as investors continued to respond on the 25bp rate adjustment announced by the Fed on Wednesday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The central bank also signaled that the interest rate hikes, meant to cool inflation, could be coming the end.”
Philstocks Financial Assistant Research Manager Claire Alviar said
“On the last trading day of the week, the local market jumped as investors digested Bangko Sentral ng Pilipinas (BSP)’s monetary policy decision and forecasts.”
She added that, “As anticipated, the BSP raised interest rates by 25 bps yesterday in their meeting to manage the elevated inflation in the country. Meanwhile, investors cheered the downwardly revised inflation projection for this year from 6.1 percent to 6.0 percent.“