The local bourse ended the trading week in the green, rising by 154.46 points, or 2.31 percent, to close at 6,847.37 a day after the Bangko Sentral ng Pilipinas cut interest rates by 25 basis points to 6.25 percent.
All sectors gained, with Services strengthening the most by 3.12 percent, followed by Banking, up by 2.15 percent, and Property by 1.91 percent.
Among the indices, Manuel V. Pangilinan-led Manila Electric Company (Meralco) was the top index gainer, jumping 6.14 percent to P425.00.
“The move is taken as the start of the BSP’s monetary policy easing phase, which would help the corporate sector and boost overall economic growth,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in a Viber message.
He also linked the positive market performance to Wall Street’s spillovers from the rally overnight amid easing recession concerns in the US.
The net market value turnover was P6.66 billion as 134 Advancers surpassed 68 Decliners. The peso closed at P57.24 from a dollar.