PHILIPPINE SHARES rebounded on Wednesday, with the main benchmark testing the 6,400 mark intraday, after the Bangko Sentral ng Pilipinas (BSP) chief said they are unlikely to make aggressive policy moves even as inflation risks persist.
The Philippine Stock Exchange index (PSEi) went up by 0.77% or 49.01 points to close at 6,353.04, while the broader all shares index rose 0.59% or 20.30 points to end at 3,447.34.
The PSEi opened Wednesday’s session at 6,341.98, up from Tuesday’s finish of 6,304.03. It climbed to a high of 6,436.11 intraday but trimmed its gains before the closing bell.
“Investors reacted positively to the BSP’s comments on its measured monetary policy stance and digested a wave of corporate earnings releases, the majority of which came in line with or ahead of expectations,” Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said. “Any confirmation of a gradual easing path, coupled with resilient corporate earnings, could provide further support for the PSEi in the near term.”
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