PSEi continues rally, gains 50 pts.

The Philippine benchmark index on Friday continued to rally, gaining by 50.16 points, or 0.70 percent, to close at 7,252.32.

Most sectors gained, with Banking leading the green territory at 2.25 percent, followed by Industrials and Services up by 1.13 percent and 0.92 percent, respectively.

Properties was the lone painted red, down by 0.70 points.

Converge ICT Solutions Inc. was the top index gainer, jumping by 5.63 percent to P17.26 per share. San Miguel Corporation, on the other hand, was the biggest loser, down by 5.58 percent to P88.80.

Regina Capital Development Corp. head of sales Luis Limlingan said the local bourse performance was boosted by the fund adjustments from the Financial Times Stock Exchange (FTSE).

The Bangko Sentral ng Pilipinas on Friday reduced the reserve requirement ratio (RRR) for local banks at 250 basis points (bps) for universal banks to 7 percent; 200 bps for digital banks; and 100 bps for thrift, rural, and cooperative banks, effective 25 October.

“A significant drop in weekly jobless claims to 219,000 also bolstered hopes for a U.S. soft landing. Additionally, gold prices rebounded, with spot gold rising 0.7 percent to $2,575.90 per ounce, while Brent crude climbed 1.67 percent to $74.88 per barrel amid escalating Middle Eastern tensions,” the stock analyst added.

The net market value turnover surged to P14.02 billion, with winners exceeding losers at 130 to 77, while 47 names remain unchanged.

San Miguel Corporation was the most actively traded stock at P1,413,570,700.50 down by 5.58 percent, followed by BDO Unibank Inc. at P1,154,751,689.00 down by 0.25 percent.

The peso closed at P55.69 as against the dollar. The currency pair opened at P55.55, with its lowest at P55.45 and highest at P55.69.