Index extends rally on BSP tack

The benchmark Philippine Stock Exchange index extended its rally on Wednesday by 80.67 points to 6,510.32, up 1.25 percent from Tuesday’s close breaking through the 6,500 level.

Philstocks Financials Inc. research manager Japhet Tantiangco said investors cheered Bangko Sentral ng Pilipinas Governor Felipe Medalla’s comments that the BSP could be done with big policy rate hikes.

“This comes amid the expectation that the Federal Reserve will slow down with their monetary tightening. Positive cues from Wall Street also helped in Wednesday’s climb.” Tantiangco said.

RE piques interest

According to Luis Limlingan, head of sales at Regina Capital Development Corp., there were “several catalysts, on news saying that more Japanese firms are interested in investing in the country’s manufacturing and renewable energy sectors, as per the Philippine Economic Zone Authority.”

Upon closing on Wednesday, the net value turnover for the day stood at P5.50 billion, higher than the preceding day’s P5.03 billion. Foreigners were net buyers with net inflows amounting to P423.97 million.

PHOTOGRAPH COURTESY OF DTI Enduring partnership In his remarks to close the second and last day’s session of the Pilipinas Conference 2022 held on 22 November 2022 at the Ayala Museum, Trade Secretary Fred Pascual emphasized the critical role of the private sector as the government’s partner in nation-building and in achieving inclusive growth and sustainable development.