Philippine stocks climb as China cuts rates

Philippine stocks closed higher on Thursday as positive investor sentiment was driven by China's rate cut and potential additional stimulus measures.

The benchmark PSEi index rose 0.21% to end at 7,413 points, while the broader All Shares index gained 0.31% to close at 4,375.87 points.

China reduced its one-year loan prime rate by 10 basis points and the five-year LPR by five basis points in an effort to support its economy amid the COVID-19 outbreak.

Property was the leading sector with a gain of 0.92%, followed by Financials at 0.82% and Mining and Oil at 0.08%. Holding Firms, Services, and Industrial sectors saw slight declines.