THE MARKET SURGED to the 6,500 level on Monday after the Bangko Sentral ng Pilipinas (BSP) governor signaled that he is open to a rate cut in their first policy meeting for next year.
The Philippine Stock Exchange index (PSEi) rose by 2% or 128.53 points to close at 6,534.91 on Monday, while the broader all shares index went up by 1.39% or 51.40 points to 3,727.23.
“The local market rallied on the back of hints from the Bangko Sentral ng Pilipinas of a possible policy rate cut in their first meeting for 2025,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “The recent rebound of the local currency against the US dollar also gave the market a boost.”
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