PSEi breaks past 6,500, up 1.26%

THE benchmark Philippine Stock Exchange index (PSEi) rallied for a second day to return to the 6,500 level, adding 80.67 points, or 1.25 percent, to close at 6,510.32.

The broader All Shares also rose, by 25.61 points, or 0.76 percent, to end the day at 3,415.76.

The last time that the PSEi closed higher was on September 16 when it hit 6,548.77.

Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said investors had reacted positively to Bangko Sentral ng Pilipinas Governor Felipe Medalla’s comments that monetary authorities could be done with big policy rate hikes.

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

Rizal Commercial Banking Corp. chief economist Michael Ricafort,

meanwhile, said the stock market had also risen after President Ferdinand Marcos Jr. “denied that Department of Finance Secretary Diokno is on his way out of the economic team, which was also denied by Diokno himself.”

Regina Capital Development Corp. Managing Director Luis Limlingan said investors were now looking ahead to the publication of the Federal Open Market Committee meeting minutes, the latest jobless claims data, durable goods and new home sales data for clues into the pace of future US rate hikes amid fears of further lockdowns in China.

All sectoral indices closed in the green, with property gaining the most, by 2.57 percent.

Nearly 803 million shares worth P5.88 billion were traded.

Advancers again outnumbered decliners, 105 to 83, while 46 remained unchanged.