MANILA, Philippines — Local share prices rallied yesterday, tracking gains in most Asian bourses, as investors cheered the increase in the Bangko Sentral ng Pilipinas (BSP) rates to temper added pressures from a rising inflation. “The Bangko Sentral ng Pilipinas rate hike helped in the upward trend,” Regina Capital Development Corp. president Marita Limlingan said. The BSP on Thursday raised its key rates by 25 basis points to 3.25 percent, the first rate hike in more than three years. “Investors continued to digest GDP (gross domestic product) and BSP rate hike and it’s the only day this week that foreign (funds) are coming back in,” IB Gimenez Securities Inc. head of research Joylin Telagen said. Market breadth stayed positive as well, with advancers pummeling decliners, 116 to 80, while 49 stocks were unchanged.

Source: Philippine Star May 11, 2018 11:37 UTC