PSEi surges after BSP cuts interest rates

On Friday, the Philippine Stock Exchange index (PSEi) surged sharply after the Bangko Sentral ng Pilipinas (BSP) unexpectedly cut its key interest rates.

The PSEi closed at 7,169.79, up 2.46 percent or 172.17 points, while the all-shares index rose by 2.23 percent or 91.85 points to end at 4,219.39.

Research head Chris Mangun of AAA Equities noted that the positive reaction was likely due to investors' confidence in the government's efforts to boost economic growth.