PSEi climbs for 3rd day on bargain hunting, BSP rate hold

The Philippine Stock Exchange index (PSEi) climbed for the third consecutive day on Friday, ending up 0.91% as investors engaged in bargain hunting.

The bellwether PSEi gained 54.53 points to close at 5,999.4, while the broader all-shares index also saw an increase of 0.67%.

Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan attributed the market's rally to bargain hunting and the Bangko Sentral ng Pilipinas' (BSP) decision to maintain its holding rates.

The Monetary Board announced on Thursday that the BSP's overnight reverse repurchase, lending, and deposit facilities would remain at 2.25%, 2.75%, and 1.75%, respectively.

Tan also suggested that major emerging markets, including the Philippines, are more attractive than developed economies due to higher potential returns compared to fixed income.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan pointed out that the local market closed before the news of US President Donald J. Trump and his wife testing positive for COVID-19 was released.