Stocks Jump, Enter Bull Market
The local equities market entered the bull market on Monday as investors cheered the central bank’s commitment to resume its policy easing in the second half of the year.
The bellwether Philippine Stock Exchange Index surged 223.47 points, or 2.7 percent, to 8,365.29 on a value turnover of PhP8.5 billion. Gainers overwhelmed losers, 124 to 62, with 56 issues unchanged. The market has gained more than 22 percent since its low in November amid cooling inflation, an interest rate cut in May and a stronger local currency.