Philstar
Market up anew ahead of BSP policy meeting
Philippine stocks continued to climb on Thursday, with the Philippine Stock Exchange index (PSEi) increasing by 1.14% to close at 6,113.19 points.
Investors engaged in bargain hunting and positioned their portfolios ahead of the Bangko Sentral ng Pilipinas' (BSP) Monetary Board meeting.
The BSP's Monetary Board decided to maintain the target reverse repurchase rate at 5.75%, pausing after three consecutive rate cuts.
The broader All Shares index also rose by 0.79% to settle at 3,647.73.
Net value turnover reached P5.76 billion, with foreigners recording net outflows of P369.44 million.
All market counters were positive, led by mining and oil, while services also saw a significant jump.
Jollibee Foods Corp. was the top traded company, soaring by 10.72%, while Bloomberry was the biggest loser, dropping 2.70%.
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Philippine shares rebounded on Thursday, with the PSEi closing higher and surpassing the 6,000 mark after a four-day losing streak.
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Philippine shares are anticipated to decline as investors await the Bangko Sentral ng Pilipinas' (BSP) policy meeting and MSCI rebalancing results.
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The Philippine Stock Exchange index (PSEi) declined by 1.39 percent or 86.98 points to close at 6,154.99, as investors cashed out at the end of the week and engaged in profit-taking.
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