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Stocks rally for 3rd day ahead of BSP meeting

Iris Gonzales - The Philippine Star
Stocks rally for 3rd day ahead of BSP meeting
The benchmark Philippine Stock Exchange index or PSEi added 24.55 points or 0.36 percent to close at 6,915.28, trading higher from the start.
STAR / File

MANILA, Philippines — The local bourse finished higher for the third straight session yesterday as central banks – both here and abroad – came into focus amid improving sentiment as new COVID flare-ups ease.

The benchmark Philippine Stock Exchange index or PSEi added 24.55 points or 0.36 percent to close at 6,915.28, trading higher from the start.

“The PSEi breached the 6,900 level and approaching the 7,000 territory as market sentiment improves,” said AB Capital Securities.

Meanwhile, the broader All Shares index gained 15.93 points or 0.37 percent to end at 4,302.50.

Market breadth was positive, with 105 winners vs 79 losers, while 58 issues were unchanged.

“Philippine stocks climbed after the (US) Federal Reserve decided to leave the policy rates unchanged. Still, there is no indication on how quickly the Fed will taper its asset purchases,” said Luis Limlingan of Regina Capital.

The local market also took its cue from the Bangko Sentral ng Pilipinas (BSP) assurance that it had the tools to manage the economic impact of the coronavirus pandemic, ahead of a policy meeting later in the day where, as widely expected, key rates were kept steady at record lows.

However, economists have warned that rising inflation is likely to limit BSP’s room for further policy easing.

In the meantime, investors also awaited developments from Chinese property giant Evergrande, which faces a Thursday deadline to pay interest on one of its dollar bonds. Markets earlier this week feared the property developer’s debt crisis could have a ripple effect on global markets, although analysts later played down those concerns.

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