Stocks gain a day after central bank raises policy rates

May 11, 2018

Stocks surged on Friday, a day after the central bank raised policy rates for the first time in four years to check inflation.

The Philippine Stock Exchange index closed 181.11 points higher to end at 7,752.11. In the broader market, there were 116 gainers, 80 losers and 49 shares unchanged.

The peso closed at P52,19 against the US dollar from P51.8. Volume at the Bankers Association of the Philippines reached $1.125 billion from $807.4 million.

Volume reached 673.2 million shares worth P5.7 billion from Thursday's 880 million shares valued at P5.49 billion.

Foreigners were net buyers for the first time in over a month, with P3.28 billion worth of shares bought compared to P2.7 billion worth of stocks sold.

Most traded shares were led by Metrobank, up 2.87 percent to P98; Ayala Corp., up 3.34 percent to P970; BDO Unibank, up 3.34 percent to P133 and Security Bank, up 3.4 percent to P200.60. DMS