November 20, 2024 | 12:00am
MANILA, Philippines — The stock market sustained its winning streak following the Bangko Sentral ng Pilipinas (BSP)’s indication of a third rate cut.
The benchmark Philippine Stock Exchange index (PSEi) climbed back above the 6,800 level yesterday, extending its winning streak to a third consecutive session.
The PSEi finished at 6,803.19, up by 0.62 percent or 41.84 points.
The broader All Shares index also closed in the positive territory, rising by 0.33 percent or 12.48 points to 3,812.18.
BSP Governor Eli Remolona Jr. yesterday hinted at a possible third rate cut.
The central bank’s Monetary Board has so far slashed key interest rates by 50 basis points to six percent from a 17-year high of 6.50 percent amid easing inflation.
“The PSE again corrected higher for the third straight trading day, considered a healthy upward correction amid some continuation of bottom-fishing activities and after BSP Governor Remolona signaled a possible -0.25 rate cut on the next rate-setting meeting on Dec. 19, but clarified that the decision could either be a rate cut or pause, depending on economic data,” RCBC chief economist Michael Ricafort said.
Net value turnover, however, thinned to P4.99 billion from the previous day’s P5.04 billion.
Foreigners remained as net sellers with net outflows amounting to P1.15 billion.
All counters ended yesterday’s session in the green, except for holding firms, which fell by 0.84 percent.
Services and property led the charge, rising by 1.3 percent and 1.22 percent, respectively.
Market breadth was negative as decliners crushed advancers, 111 to 85, while 63 stocks did not change.
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