PSEi surges to 6,300 level as blue chips rally

THE PHILIPPINE stock benchmark jumped to a near five-month high on Tuesday as blue chips jumped and after the Bangko Sentral ng Pilipinas (BSP) chief said another rate cut remains on the table.

- A.G.C. Magno

The Philippine Stock Exchange index (PSEi) surged by 2.48% or 153.38 points to end at 6,317.91, while the broader all shares index increased by 0.97% or 34.61 points to 3,588.35.

This was the PSEi’s best finish in nearly five months or since it closed at 6,325.09 on Aug. 13.

“The local market roared loudly to its third consecutive win. The rally was mainly fueled by the huge rebounds from ICT and JFC, with the latter announcing a spin-off of its international business from its local operations and a potential US listing to boot,” AP Securities, Inc. said in a market note, referring to the ticker symbols of International Container Terminal Services, Inc. (ICTSI) and Jollibee Foods Corp, respectively.