Index climbs ahead of BSP meeting

MANILA, Philippines – Share prices climbed yesterday ahead of the rate setting meeting of the Bangko Sentral ng Pilipinas (BSP), analysts said.

The main composite index rose 25.95 points to settle at 6,663.43 points, while the All Shares index gained 21.51 points to close at 3,846.72.

Among the different counters, the mining and oil index gained the most, surging 422.15 points or 4.17 percent while the industrial counter gained 62.76 points or 0.59 percent.

Analysts said the statement of US Federal Reserve chairwoman Janet Yellen encouraged investors to go back to the stock market.

“Despite the decline in US markets which was mainly led by the two percent decline in oil, Federal Reserve chair Janet Yellen presented her semi-annual testimony to the House Committee on Financial Services. Yellen said tightening financial conditions and uncertainty over China’s economic health are both risks to the US recovery,” said Luis Limlingan, managing director at Regina Capital.

He said stock market investors took this as a positive development as the Fed would take further consideration before raising rates again when it meets in March.

“Regionally it was quiet as Japan and China were closed for holiday,” he also said.