The local stock market continues to rally and was up by more than a hundred points to breach the 7,300 level intraday as investors grow more upbeat amid monetary policy changes that will release more money into the system.
The main index rose by 50.16 points or 0.70 percent to close at 7,252.32 as Banks led the charge while the Property counter yielded to profit-taking. Volume surged to 1.1 billion shares worth P16.98 billion as gainers outnumbered losers 130 to 77 with 47 unchanged.
“The PSEi closed the last trading day of the week in the green, buoyed by fund adjustments from the FTSE rebalancing and investor optimism after the BSP cut the RRR for local banks effective Oct. 25,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “A significant drop in weekly jobless claims to 219,000 also bolstered hopes for a U.S. soft landing.”
Philstocks Financial Research Manager Japhet Tantiangco said "The bourse, which is already cheering the Federal Reserve’s recent 50 basis point policy rate cut, received another boost as the BSP trimmed our banks’ reserve requirement ratios.
"By augmenting liquidity, the move is seen to give the local economy a boost. The Peso’s appreciation against the US Dollar also helped in today’s rally," he noted.