Rates euphoria lifts PSE index

The start of the trading week saw the stock index in the green, gaining 42.50 points, or 0.62 percent, to close at 6,889.87 — as investors continued to cheer on the Bangko Sentral ng Pilipinas’ rate cut by 25 basis points to 6.25 percent.

Most sectors increased, with Properties climbing the most by 1.55 percent, followed by Miners, up by 1.42 percent, and Banking by 1.91 percent.

Among the indices, Enrique L. Razon Jr.-led Bloomberry Resorts Corporation was the top index gainer, jumping 5.48 percent to P7.70.

U.S. winning confidence back

“The positive spillovers from Wall Street’s performance last Friday, driven by growing confidence on the US economy, also helped in today’s session,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in a Viber message.

The net market value turnover was P6.93 billion, while Decliners outweighed Advancers by 104 and 94. The peso closed at P56.64 from a dollar.