PSEi climbs back to 6,000 on rate cut

Philippine shares continued to gain from the new round of interest rate cut by the central bank, with the main stock index bouncing back to the 6,000 mark.

The Philippine Stock Exchange Index (PSEi) finished in positive territory on the last trading day of the week, adding 0.78 percent, or 46.72 points, to close at 6,036.72.

The broader All Shares Index slipped by 0.54 percent, or 18.49 points, to 3,434.94.

All major sectors recorded wins on Friday, with the mining and oil sector getting the largest gains.

Trading, however, was “lethargic” with net value turnover of P5.53 billion, according to Philstocks financial research manager Japhet Tantiangco.

“The local market extended its gains as investors continue to cheer the Bangko Sentral ng Pilipinas’ policy rate cut, which is seen to somehow help in reaccelerating the Philippines’ economic growth,” he said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said reaching the 6,000 level anew provides a “good signal for the local financial markets, especially if above 6,000 is sustained.”

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“Buying pressure persisted throughout the session, reflecting renewed investor confidence,” Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., also said in a separate message.

Converge ICT Solutions was the biggest winner, with a 5.31 percent increase to P15.48. DigiPlus Interactive Corp. was the main index laggard, declining 9.47 percent to P17.20.

Losers outnumbered winners at 96 to 92, with 57 names unchanged.