BSP rate hike buoys investor sentimentBy The Manila TimesTHE stock market climbed back to the 7,000 level in early trading on Friday as investors were said to have cheered the Bangko Sentral ng Pilipinas’ (BSP) raising of interest rates. Summit Securities Inc. President Harry Liu said market players received positively the policy rate hike on Thursday, while the market was trying to establish a new support level. The BSP raised key rates by 25 basis points (bps), bringing its total adjustments on a year-to-date basis by 175 bps since May. This brought overnight borrowing, lending and deposit rates to 4.75 percent, 5.25 percent and 4.25 percent, respectively. Most sectoral indices paused in the green territory, except for mining and oil, down 0.58 percent.

Source: Manila Times November 16, 2018 04:30 UTC