Global stimulus plans buoy index

MANILA, Philippines – The stock market rallied yesterday as it tracked the regional upswing fuelled by rising speculations of a post Brexit monetary stimulus measures.

The benchmark Philippine Stock Exchange index (PSEi) soared 131.84 points, or 1.72 percent, to close at 7,798.53, while the broader All Shares index gained 99.53 points, or 2.17 percent, to finish at 4,666.81.

The rest of the counters likewise closed in positive territory with the services and holding firms leading the gainers.

Total value turnover reached P7.56 billion as advancers outpaced decliners 128 to 66 while 48 stocks were left unchanged.

Analysts said the local market tracked the uptick in regional markets amid talks central banks would ultimately provide stimulus measures.

The market also benefitted from the initial public offering of Golden Haven Memorial Park Inc. The company’s share price opened at P11 per share, higher than the offer price of P10.50 per share and reached its ceiling at P15.74 at the close of the session.

The memorial park developer offered shares of 74 million representing 15 percent of the total issued and outstanding common shares and successfully raised about P778.2 million.