Low interest rates lift PHL stocks

MANILA, March 28 (PNA) –- Philippine equities rebounded slightly on Friday as players cheered central bank’s decision to keep key interest rates at record low.

The bellwether Philippine stock exchange index (PSEi) gained 43.93 points or 0.70 percent to 6,359.62 from previous day’s 6,315.69 close.

”The BSP (Bangko Sentral ng Pilipinas) kept interest rates steady. The property sector led by the way, this is favorable to them,” said First Grade Finance Inc. managing director Astro del Castillo in an interview.

The market’s ascent was carried mainly by the property sector that advanced 1.59 percent.

The sub-indices of other counters increased slightly, except financials that lost 0.14 percent.

Del Castillo expects local equities to consolidate within the 6,400 level, attracting more investors to flock to the market.

Volume of transactions reached 1.55 billion shares valued at P9.31 billion.

Advancers led decliners, 82 to 60, while 52 issues were unchanged.

The day’s most actively traded stocks were led by BDO Unibank Inc., Philippine Long Distance Telephone Company, Petron Corp., International Container Terminal Services Inc. and GT Capital Holdings Inc. (PNA)