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Stocks rise on rate cuts

By James A. Loyola
Local shares prices rose after the Bangko Sentral decided to cut interest rates further.

The main index jumped 73.58 points or 1.20 percent to close the week at 6,191.84 as all sectoral indices were in the green.

Volume was lower at 1.07 billion shares worth P5.3 billion as gainers edged out losers 99 to 91 with 54 steady.

“Local shares rallied in late hours to close solidly higher, recovering a chunk of the week’s losses, ahead of a key update of the banking sector from the Federal Reserve plus the surprise reduction in policy rates from the BSP,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Source: Manila Bulletin (

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