By Leslie D. Venzon
MANILA, Feb. 12 (PNA) –- The local stock market surged and regained the 7,700 level on Thursday after the central bank decided to maintain its key policy rates.
The benchmark Philippine Stock Exchange index (PSEi) advanced 28.16 points to 7,714.59 from previous day’s 7,686.43 close.
Brokerage firm 2TradeAsia.com said the local central bank’s policy decision on interest rates buoyed market sentiment.
The Monetary Board decided on Thursday to maintain the Bangko Sentral ng Pilipinas’ key policy rates at four percent for overnight borrowing and six percent for the overnight lending.
2TradeAsia.com said investors lauded moves to adopt a status quo.
Counters were mixed, with the industrial and mining and oil sectors declining slightly.
The sub-indices of other sectors were in positive territory.
Volume of trade reached 2.02 billion shares valued at Php 9.10 billion.
Advancers dominated decliners, 91 to 84, while 49 issues unchanged.
The day’s top active stocks were led by Philippine Long Distance Telephone Company, Universal Robina Corp., Ayala Land Inc., Metro Pacific Investments Corp. and SM Prime Holdings Inc. (PNA)