The benchmark Philippine Stock Exchange index rose 0.42 percent, or 27.23 points, to 6,556.66.The broader All Shares index added 13.82 points, or 0.39 percent, to 3,538.24.'The local market rose as rate cut hopes were strengthened due to the dovish comments from Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr.,' said Philstocks Financial Inc. research and engagement officer Mikhail Plopenio.
'Stocks across the region have been bought up under the assumption that the Federal Reserve could start cut its benchmark interest soon, especially should the latest US CPI this week allow for this,' he added.Sectoral performance was mixed, with conglomerates posting the biggest gain, up by 0.90 percent, while financials were the day's major losers, falling by 0.77 percent.Gainers edged out losers, 97 against 90, while 56 stocks were unchanged.