The PSEi finished higher by 154 points to 6,847.37, while the broader All Shares index gained 1.74 percent to 3,691.42.
Blue chips on the move
The rally was supported by gains among large cap companies, led by tycoon Enrique Razon Jr.’s International Container Terminal Services, which surged as much as 9 percent before closing with a gain of 5.6 percent to P395 per share.
Other large movers were Ayala Land Inc. (+3.44 percent), Jollibee Foods Corp. ( +3.36 percent), and Universal Robina Corp.
Analyst view
Alfred Benjamin R. Garcia, AP Securities’ head of research, is projecting more interest rate cuts from the BSP before the end of the year.
“We maintain our forecast that the BSP will implement two 25 bps rate cuts this year, and we expect the next one to follow in December,” he said on Friday.
“The central bank will likely hold during the October meeting to fully assess the initial effects and to allow the interest rate differential with the Fed to normalize after the US central bank cuts its rates in September,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
