Steady BSP rates bump up PSEI

MANILA, Philippines — Investors bought up shares ahead of the Monetary Board meeting on Thursday, prompting the return of the Philippine Stock Exchange index (PSEi) to the green territory after a previous dip.

The benchmark PSEi climbed by 1.06 percent, or 69.57 points, to settle at 6,628.20 while the broader All-Shares index rose by 0.72 percent, or 25.10 points, to close at 3,524.52.

“The local stock market rebounded today on expectations of unchanged benchmark interest rates,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The Bangko Sentral ng Pilipinas (BSP) kept its benchmark interest rate at 6.5 percent during its monetary policy meeting on Thursday.

READ: BSP keeps key rate at 17-year high as inflation risk remains

All sub sectors were up except for the financials index, which dropped by 0.33 percent. Property was the biggest gainer with a 3.73-percent uptick.

Most actively traded stocks

About 886.04 million shares valued at P7.05 billion were traded. Advancers led decliners, 120-78, while 46 issues were unchanged.

READ: Asian markets rally after US inflation data

ACEN Corp. shares were the most actively traded, growing by 2 percent to P5.10 each.

This was followed by BDO Unibank Inc., down 1.45 percent to P136; International Container Terminal Services Inc., down 0.92 percent to P345.80; Jollibee Foods Corp., up 0.9 percent to P224; Ayala Land Inc., up 4.08 percent to P29.35; and Globe Telecom Inc., up 1.41 percent to P1,940.

Other active names were Ayala Corp., up 4.62 percent to P612; SM Investments Corp., up 1.62 percent to P880; Metropolitan Bank & Trust Co., down 0.42 percent to P71.50; SM Prime Holdings, up 4.98 percent to P28.45. —Tyrone Jasper C. Piad