PH equity mart cheers BSP’s inflation-busting move

The benchmark Philippine Stock Exchange index (PSEi) crawled above 6,400 on Thursday as the Bangko Sentral ng Pilipinas (BSP) delivered an expected interest rate increase of 75 basis points. The PSEi ended the session at 6,403.74, up 0.18 percent or 11.65 points, while the broader All Shares index rose 0.36 percent, or 12.30 points, to 3,388.60. The rate hike was expected after BSP Governor Felipe Medalla announced he would match the 75-point increase recently implemented by the US Federal Reserve in an effort to fight soaring inflation. The local interest rate, which will jump to 5 percent, will take effect on Nov. 18. Meanwhile, trading volume remained elevated with 582.7 m...

Keep on reading: PH equity mart cheers BSP’s inflation-busting move

from INQUIRER.net https://ift.tt/G9YZu38