LOWER bank reserve requirements announced by the Bangko Sentral ng Pilipinas led to mixed results for the peso and stock market on Friday.The currency weakened by 8 centavos to P55.69 against the dollar, while the benchmark Philippine Stock Exchange index hit a new two-and-a-half year high, gaining 50.16 points, or 0.70 percent, to end the trading week at 7,252.32.The broader All Shares rose 0.62 percent, or 23.94 points, to 3,895.62.The peso opened at P55.55:$1 and ranged from P55.45 to P55.69.
senior research analyst Japhet Tantiangco, meanwhile, said 'the bourse, which is already cheering the Federal Reserve's recent 50-basis-point policy rate cut, received another boost as the BSP trimmed our banks' reserve requirement ratios.''By augmenting liquidity, the move is seen to give the local economy a boost,' he added.Tantiangco noted that trading was strong with net value turnover at P14.02 billion, higher than the year-to-date average of P5.10 billion.
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