By Leslie D. Venzon
MANILA, March 26 (PNA) –- The local stock market surged near 7,900 on Thursday, its 20th record for this year, as the status quo on monetary policy encouraged investors to engage in buying spree at the last minute.
The barometer Philippine Stock Exchange index surged 34.76 points to 7,871.10 from previous day’s 7,836.34 close.
Jun Calaycay, analyst at Accord Capital Equities Corp., said a sufficient number of buyers entered the equities market at the last minute, pushing the main index to a new record.
”Unless the BSP’s (Bangko Sentral ng Pilipinas) meeting today kicks up a maelstrom of optimism, we can fairly expect the market to enter the Holy Week shortened-trades with largely the same emotion — or lack of it,” he said.
The Monetary Board on Thursday decided to maintain the Bangko Sentral ng Pilipinas’ key policy rates at four percent for the overnight borrowing or reverse repurchase (RRP) policy and six percent for the overnight lending repurchase facility.
The Board’s decision is based on its assessment that the country’s inflation environment continues to be manageable.
All counters advanced moderately, except financials that fell 0.48 percent.
Total volume of transactions reached 1.57 billion shares valued at Php9.51 billion.
Advancers dominated decliners, 94 to 79, while 40 issues were unchanged.
The day’s top gainers were led by AG Finance Incorporated, Asiabest Group International Inc., Philippine Realty & Holdings Corp., Jackstones Inc. and Doubledragon Properties Corp. (PNA)