PSEi back above 6,000 mark on rate cut hopes

PHILIPPINE STOCKS closed above the 6,000 mark for the first time in a month as investors took advantage of bargains and with sentiment getting a boost from expectations of further monetary policy support from the Bangko Sentral ng Pilipinas (BSP).

- Alexandria Grace C. Magno

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.4% or 24.46 points to close at 6,021.59, while the broader all shares index increased by 3.41% or 116.66 points to 3,535.18.

This was the PSEi's best finish in a month or since it closed at 6,053.96 on Oct. 23, which was also the last time it ended above the 6,000 line.

"The local bourse closed higher, lifted by a late-session buying surge that helped sustain the market's upward momentum," Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.