Surprise BSP rate cut perks up PH stocks; index up sharply

The benchmark Philippine Stock Exchange index (PSEi) saw a sharp increase on Friday after the Bangko Sentral ng Pilipinas announced a surprise cut in its key interest rate the previous day.

By the closing bell, the PSEi had gained 2.46 percent, or 172.17 points, to 7,169.79 while the broader all-shares index was up 2.23 percent, or 91.85 points, to 4,219.39.

“The PSEi had an exceptional day rallying by almost 2.5 percent, allowing it to end with a substantial gain for the week,” Chris Mangun, research head at stock brokerage firm AAA Equities, said in a note to investors.

“It may have been the surprise interest cut from the BSP that drew this extremely positive reaction. It gave…

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