PSEi rises 1.3% on BSP rate cuts, eurozone light, window dressing

The Philippine Stock Exchange (PSE) index jumped 66.99 points or 1.3 percent to 5,219.55 as a potent mix of stimuli caused investors to trade P8.02 billion worth of shares.   A third round of interest rate cuts of the Bangko Sentral ng Pilipinas, an assurance by the European Central Bank that it will preserve the euro, and end-of-month window dressing were more than enough motivation to get market players off the sidelines.   “The market factored in a number of good news today…There really is a surge of confidence in the market,” said analyst Justino Calaycay Jr. at Accord Capital Equities Corp.   In the previous four days that it was below 5,200 points, PSE value traded per day ranged from P4.09 billion to P4.9 billion.   Research associate Stephanie Yu for First Metro Securities Brokerage Corp. said market turnover was at P5 billion without block sales, “a little better than this week’s average of P3 billion to P4 billion.”   Friday, all sectoral indices were up led by the property board (+2.18 percent), followed by holding firms (1.22 percent) and industrials (1.10 percent. For Penta Capital Investment Corp. market strategist Erico Claudio there was “buying pressure” in the market as share prices were low and investors anticipated second quarter corporate earnings results.   “The bargain hunters are buying issues that are already due for some cash dividends,” Claudio said. — ELR, GMA News