Stocks sustain climb on double rate cut

MANILA, Philippines — The local stock market resumed its climb, opening the week in positive territory, with investors still high from last week’s double rate cut by the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The benchmark Philippine Stock Exchange index rose by 0.35 percent or 21.3 points to end yesterday’s session at 6,058.02.

The broader All Shares index likewise jumped by 0.61 percent or 20.89 points, settling at 3,455.83.

“Philippine equities tracked higher as local investors continued pricing in the twin-cut made last week by the BSP and US Fed,” AP Securities Inc. said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., cited the strong remittances from overseas Filipino workers from January to October.

“The PSEi also gained after OFW remittances again went up to the fourth highest on record on a monthly basis,” Ricafort said.

All sectors were in the green, except for services which plummeted by 3.28 percent.

Mining and oil led the charge, soaring by 2.26 percent, followed by the property index which surged by two percent.

Total value turnover kicked off the week at P6.41 billion.

Advancers squashed decliners, 131 to 81, while 50 issues did not change hands.

BDO Unibank was the session’s top traded stock, rising by 0.94 percent to P128.40 per share, followed by ICTSI which plunged by 4.75 percent to P581 and SM Investments which inched up by 0.79 percent to P705.50.