August 20, 2024 | 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP)’s rate cut last week continued to make a positive impact on the local stock market, driving up share prices anew yesterday.
The benchmark Philippine Stock Exchange index was off to a strong start this week, climbing by 0.62 percent or 42.50 points to settle at 6,889.87.
Also finishing in positive territory was the broader All Shares index, which gained by 0.41 percent or 15.03 points to 3,706.45.
Philstocks Financial research manager Japhet Tantiangco said the local market extended its rise as investors continued to draw optimism from the BSP’s recent policy rate cut as well as the prospect of further monetary policy easing moving forward.
“The positive spillovers from Wall Street’s performance last Friday driven by growing confidence on the US economy also helped in the session,” he said.
Tantiangco said yesterday’s net value turnover was strong at P6.91 billion, higher than the year-to-date average of P4.93 billion.
Luis Limlingan of Regina Capital said shares traded above the 6,900 territory intraday before settling a few points below.
“Investors continued to buy into the market following news last week of the first BSP rate cut in several years and the recent upgrade of Japan Credit Rating Agency to A- with a stable outlook,” he said.
Three of the four sectoral gauges that ended in the green rose by more than one percent, led by property with a 1.55-percent increase.
Industrial and holding firms, meanwhile, finished in the red, losing 0.50 percent and 0.15 percent, respectively.
Market breadth was negative as decliners edged out advancers, 104 to 94, while 54 issues were unchanged.
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