MANILA – The Philippine Stock Exchange index (PSEi) ended up for the second consecutive day on Thursday following the Federal Reserve’s decision to keep key rates steady while the peso benefited from this.
The main equities index rose by 0.28 percent, or 18.37 points, to 6,487.51 points.
All Shares increased by 0.26 percent, or 10.46 points, to 3,967.96 points.
Most of the sectoral gauges also increased during the day, led by the Mining and Oil index after it rose by 2.73 percent.
It was followed by the Services, 0.82 percent; Property, 0.73 percent; Industrial, 0.40 percent; and Financials, 0.31 percent.
Only the Holding Firms index finished the day in the negative territory after it lost 0.24 percent.
Volume totaled 4.23 billion shares amounting to PHP4.73 billion.
Advancers led decliners at 107 to 92, while 45 shares were unchanged.
“Philippine shares closed moderately following the Fed’s decision to leave rates near zero,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
After a two-day policy meeting that ended April 28, 2021, the Federal Open Market Committee (FOMC) kept the Fed Funds rate between zero to 0.25 percent even after noting that economic activity has strengthened.
Aside from this factor, Limlingan said “investors are continuing their rebalancing ahead of the month end window dressing and the release of more corporate earnings.”
Meanwhile, the peso finished the day at 48.315 from 48.477 a day ago.
It opened the trade at 48.45 and traded between 48.45 and 48.29.
Average level for the day stood at 48.39.
Volume totaled to USD837.5 million, lower than the previous session’s USD854.98 million. (PNA)
