The stock market rebounded to the 7,700 level on Friday with investor confidence — raised the day before by strong first quarter economic growth — said to have been further boosted by the central bank’s decision to raise key interest rates. The Philippine Stock Exchange index (PSEi) advanced by 2.39 percent or 181.11 points to close at 7, 752.11 while the broader all shares rose 1.71 or 79.24 points to 4, 709.15 at the closing bell. Asked whether investors had ignored Friday’s ouster of Chief Justice Maria Lourdes Sereno, China Bank Securities Corp. research director Garie Ouano replied the direct impact of the widely expected move on stock market trading was “vague”. COL Financial Vic-President April Lyn Tan also attributed the surge to both the “strong [gross domestic product]growth” and 25-basis point rate hike. Back in Manila, all sectoral indices finished in the green with financials, holding firms and property all posting above two-percent gains.

Source: Manila Times May 11, 2018 16:52 UTC