MANILA – The Philippine Stock Exchange index (PSEi) sustained its rally on Friday after the widely expected no change rate decision of the Federal Reserve but the peso depreciated against the US dollar.
The main stocks index rose by 0.52 percent, or 36.25 points, to 6,951.53 points.
All Shares followed with a jump of 0.49 percent, or 21.14 points, to 4,323.64 points.
Most of the sectoral indexes also tracked the main gauge – Property, 1.14 percent; Financials, 0.98 percent; Services, 0.84 percent; Mining and Oil, 0.82 percent; and Industrial, 0.23 percent.
Only the Holding Firms index ended the week in the red after it fell 0.20 percent.
Volume totaled 2.11 billion shares amounting to PHP8.95 billion.
Gainers led losers at 103 to 79 while 67 shares were unchanged.
“Philippine shares extended their gains after the Federal Reserve offered no surprises. The officials penciled in at least one interest rate hike next year. Moreover, they could discuss the pace at which they would taper the Fed’s bond-buying program by the November meeting,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
The Federal Open Market Committee (FOMC) kept the Fed’s key rates at between zero and 0.25 percent during its September 21 to 22 policy meeting.
Limlingan also said the decision of the Bangko Sentral ng Pilipinas’ policy-making Monetary Board on Thursday to maintain key policy rates, with the overnight reverse repurchase (RRP) rate at a record low of 2 percent, is also what the market has expected.
On the other hand, the peso weakened against the US dollar after closing the week at 50.65 from 50.34 on Thursday.
It opened the day at 50.32 and traded between 50.67 and 50.24, averaging at 50.422.
Volume totaled USD1.19 billion, higher than the previous session’s USD1.08 billion. (PNA)
