Share prices ended firmer minutes before the Bangko Sentral ng Pilipinas (BSP) released its latest monetary policy decision on Thursday.
The bellwether PSEi gained 69.06 points or 1.14 percent to settle at 6,113.19. After the close of trade, the BSP announced it has decided to keep policy rates unchanged, against market expectations of a 25-basis point cut.
The broader All Shares index rose 28.54 points or 0.79 percent to 3,647.73. Gainers edged losers 113 to 86, with 44 stocks unchanged. Trading value reached P6.08 billion.
Continued bargain hunting helped the PSEi rise above the 6,000 level, traders said.
Investors also positioned ahead of the BSP’s policy rate move, announced minutes after the closing bell, Luis Limlingan, managing director at Regina Capital and Development Corp., said.
“Philippine shares were bought above the 6,100 mark, with many investors keeping an eye out for the latest decision of the BSP, which came out right after trading,” he said.
“The local market extended its rise this Thursday as investors continued with their bargain hunting. Investors also took positions while hoping for positive catalysts from the BSP’s policy meeting,” said Philstocks Financial Inc.
“All sectors closed in the green, with miners taking the lead, up 2.70 percent,” it added.
First Metro Securities Corp., however, said the market remained rangebound in the latest uptick “as investors continued adjusting portfolios post-MSCI rebalancing.”
Most actively traded Jollibee Foods Corp. gained P25.40 to P262.40. International Container Terminal Services Inc. rose P15 to P355. Bank of the Philippine Islands dropped P1.80 to P129.20. BDO Unibank Inc. edged up P0.90 to end at P139.90. DigiPlus Interactive Corp. gained P3 to P35.70. Metropolitan Bank and Trust Co. added P1.05 to P72.25. SM Prime Holdings Inc. firmed P0.05 to P23.45. Ayala Land Inc. dropped P0.05 to P24.15. Synergy Grid Corp. fell P0.22 to P12. SM Investments Corp. gained P10.50 to close at P825.