Shares rise as BSP chief hints at more rate cuts

PHILIPPINE STOCKS extended their climb to a fourth straight day on Wednesday as the Bangko Sentral ng Pilipinas (BSP) chief hinted at more rate cuts

- —R.M.D. Ochave

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.26% or 17.02 points to close at 6,370.65, while the broader all shares index climbed by 0.23% or 9.02 points to end at 3,779.96.

“The local market rallied further as investors continued to cheer the Philippines’ slow July inflation print and the possibility of further rate cuts by the BSP as a consequence,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said ina Viber message.

“The PSEi closed at 6,370.65, up by 0.26%, as the investors are still weighing their positions, driven by left and right earnings sentiment. Moreover, there is growing optimism regarding the lower inflation, which could influence the BSP’s decision in its upcoming meeting,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.