Inquirer
Bargain-hunting sparks ‘Santa Claus’ rally ahead of holiday break
The Philippine Stock Exchange index (PSEi) surged 2.01 percent, closing at 6,534.91, driven by bargain-hunting activities ahead of the holiday break.
The market rebound followed the Bangko Sentral ng Pilipinas' announcement of another quarter-point rate cut, bringing the cumulative interest rate reduction for overnight borrowing to 75 basis points this year, now at 5.75 percent.
Analysts also suggest potential year-end window-dressing activities contributed to the PSEi's gain.
All sectors, particularly industrial and property firms, registered gains.
Foreigners made P255.38 million in net purchases, contributing to the rally.
Trading will resume on December 26 after closures on December 24, 25, 30, and 31.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine Stock Exchange Index (PSEi) closed with a marginal gain, influenced by rate cut news but tempered by concerns over the pace of future reductions and a weakening peso.
Read more →
The Philippine Stock Exchange index (PSEi) concluded the final trading day of 2024 in the red, closing at 6,528.79, a slight decrease of 0.16%.
Read more →
Both the Philippine Stock Exchange index (PSEi) and the Philippine peso have strengthened for three consecutive trading days.
Read more →
The Philippine Stock Exchange index (PSEi) dropped for a sixth consecutive day, closing at 6,469.08, down 32.63 points or 0.50 percent.
+1
Read more →
The Philippine Stock Exchange index (PSEi) closed at 6,501.71 points on Tuesday, marking its lowest close in over four months since August 6.
Read more →