PSEi rallies as BSP rules out mammoth rate hikes

Investors welcomed the Bangko Sentral ng Pilipinas' (BSP) stance to go slow on future policy rate hikes as the Philippine Stock Exchange index (PSEi) breached the 6,500 territory on Wednesday. The benchmark PSEi climbed by 1.25 percent, or 80.67 points, to settle at 6,510.32 while the wider All Shares index rose by 0.76 percent, or 25.61 points, to close at 3,415.76. "The local market extended its rally ... as investors cheered [BSP] Governor Felipe Medalla's comments that the BSP could be done with big policy rate hikes. This comes amid expectation that the Federal Reserve will slow down with their monetary tightening, Philstocks Financial Inc. senior research analyst Japhet Louis...

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