PH shares rebound on BSP rate cut

Philippine share prices ended the week on a strong note Friday after the Bangko Sentral ng Pilipinas (BSP) unexpectedly cut interest rates by 50 basis points.

The PSEi gained 73.58 points or 1.20% to 6,191.84 at the closing bell, while the All Shares index increased by 30.17 points or 0.84% to 3,631.15.

The Philippine peso also strengthened, ending the day at 49.92 from 50.00 a day earlier with an average of 49.939.

BSP Governor Benjamin Diokno announced that effective Friday, June 26, rates will be at 2.25% for the overnight reverse repurchase (RRP) facility, the overnight deposit facility at 1.75%, and the overnight lending rate at 3.25%.

The stock market recovered after a three-day slide with services leading gains followed by holding firms, financials, mining and oil, industrial, and property sectors.