Market rallies, gains 1.23%

The local stock barometer outperformed regional markets and rallied to the 7,000 level on Thursday ahead of the first monetary policy meeting under the new Bangko Sentral ng Pilipinas Governor, Benjamin Diokno.

The main-share Philippine Stock Exchange index (PSEi) racked up 96.52 points, or 1.23 percent, to close at 7,954.72.

Many traders had bet on a 100-basis point reduction in the reserve requirement on banks at this meeting. The BSP, however, kept monetary settings unchanged.

All counters gained ground, led by the holding firm index which rose by 2.22 percent, and the interest rate-sensitive property counter, which added 1.26 percent.

Value turnover, however, was thin at P5.66 billion.

There were 124 advancers that edged out 76 decliners, while 43 stocks were unchanged.

Investors loaded up on shares of JG Summit, which surged by 7.1 percent.

LTG, RLC and AEV were, likewise, big gainers, all posting increases of over 4 percent.  Megaworld added 3.05 percent.

The day’s most actively traded company was Ayala Land, which climbed by 2.29 percent.

SM Investments and PLDT both rose by over 1 percent, while Ayala Corp., BDO, Metrobank, SMC, AGI and BPI all contributed modest gains.

On the other hand, URC fell by 2.03 percent while SM Prime, ICSTI and Jollibee all slipped.

Outside the PSEi, one notable decliner was consumer powerhouse, San Miguel Food and Beverage, which lost 2.5 percent.