Index grows 54 pts. ahead of BSP meet

The market barometer continued to gain on Wednesday, rising by 54.52 points, or 0.82 percent, to close at the 6,704.96 level as investors await the Bangko Sentral ng Pilipinas’ policy rate meeting on Thursday.

Sectoral indices were all green, with Properties increasing the most at 1.69 percent, followed by Miners up by 0.38 percent, and Industrials by 0.10 percent.   

Philstocks Financial Inc. senior research analyst Japhet Tantiangco linked the bourse’s gain to the positive spillovers from Wall Street’s overnight rally driven by the US’ below-expected producers’ price index numbers.

“Sentiment got a boost from US equities, which rose after a cooler-than-expected PPI report, with attention now on Wednesday’s CPI release,” Regina Capital Development Corp. head of sales Luis Limlingan added.

Peso strengthens 

The peso’s recent strengthening against the US dollar was also seen to maintain the Index’s positive momentum.

The net market value turnover was P6.34 billion, with 105 Decliners outweighing 98 Advancers.

Meanwhile, 54 names were left unchanged.

The peso closed at P56.95 from a dollar.