MANILA – The Philippine Stock Exchange index (PSEi) rose anew Thursday partly on Federal Reserve’s bid to keep key rates low until 2023 to help in the economic growth, a news that also benefited the peso.
The main equities index jumped by 0.98 percent, or 64.02 points, to 6,630.85 points.
All Shares increased by 1.02 percent, or 40.31 points, to 4,005.09 points.
Most of the sectoral indexes also gained during the day, led by the Financials, which rose by 2.28 percent.
Property index increased by 2.19 percent, Mining and oil, 1.58 percent; Industrial, 0.64 percent; and Services, 0.24 percent.
Only the Holding Firms shed during the day after it lost 0.06 percent.
Volume totaled 3.06 billion shares amounting to PHP8.85 billion.
Gainers led losers at 149 to 64, while 41 shares were unchanged.
“Philippine shares closed considerably higher this session after the Fed said it sees no rate hikes through 2023 and that it will let inflation run hotter than usual to ensure a full economic recovery,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.
The Federal Open Market Committee (FOMC) kept the Fed’s fund rate target at between zero to 0.25 percent after their two-day meeting that ended Thursday (Philippine time).
Meanwhile, the peso managed to continue its sideways close against the US dollar after finishing the day’s trade at 48.68 from 48.725 a day ago.
It opened the day at 48.64 and traded between 48.72 and 48.62.
Average level for the day stood at 48.673.
Volume totaled USD748.3 million, lower than the previous session’s USD793.7 million. (PNA)
