1 month ago
11
The local stock market rallied for a second day on Wednesday, Feb. 5, on optimism that interest rates would soon be cut after January's inflation rate fell within target.
The benchmark Philippine Stock Exchange index (PSEi) jumped 192.02 points, or 3.15 percent, to close at 6,281.08, led by the property sector. Volume increased to 673 million shares worth ₱7.5 billion. Advancers outnumbered decliners 127 to 68, with 50 issues unchanged.
“Philippine shares made another furious comeback as the latest CPI came within many analysts' expectations, paving the way for more leeway for the BSP to time the cutting of interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Sentiment also received an additional push as Wall Street edged higher on Tuesday as investors sought stability amid fresh global trade developments.”
Locally, Limlingan said “the tariff suspension eased concerns over global trade disruptions, boosting investor sentiment and fueling a strong rebound in local equities.”
