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Manila Bulletin devider Business devider The Stock Market devider PSEi posts biggest rally since Feb. 2023

PSEi posts biggest rally since Feb. 2023

Published Nov 20, 2024 07:59 am

The PSEi continues to rally following last week’s steep dive and is now close to the 7,000 level as the central bank said its rate cut plan is unchanged while investors are more upbeat now with US-Philippine relations under incoming President Trump.

The main index surged by 172.44 points or 2.53 percent, posting its biggest gain since February of 2023, to close at 6,975.63 with conglomerates leading the charge across the board. 

Volume was steady at 731 million shares worth P5.38 billion although losers still outnumbered gainers 110 to 88 with 59 unchanged.

“Philippine stocks extended its rally as the market viewed the recent interaction call between Marcos and Trump under a positive note,”
said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said "the local market extended its climb to a fourth straight day." 

He added that the "market rally was mainly driven by the reassurance from the Bangko Sentral ng Pilipinas that the Philippines’ monetary policy is still in its easing phase with a possibility of a 100 basis points rate cut in total next year."

Tantiangco also noted that "foreign investors also turned buyers on the net helping the market climb. Net foreign buying for the day amounted to P82.21 million."

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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