The main index further rallied and breached the 6,500 level on Thursday ahead of the policy rate meeting of the Bangko Sentral ng Pilipinas (BSP). Philstocks Financial Inc. senior research analyst Japhet Tantiangco said the local bourse climbed amid expectations the BSP will keep policy rates unchanged. “Keeping the policy rates at accommodative levels is seen to provide support to the economy as it fights its way out of the pandemic-induced recession,” Tantiangco explained. However, Tantiangco noted that Thursday’s trading “lacked conviction” as net value turnover stood at P5.79 billion, which is lower than the year-to-date average of P9.91 billion. The mining and oil sector led the rally at 2.75 percent, while the banks were the only decliner at 0.22 percent.

Source: Manila Times March 25, 2021 16:26 UTC