Share prices closed higher in sync with other markets as investors cheered the US Fed’s reported plan to start discussing when it would start easing rates in the United States.
The peso was likewise up.
The Philippine Stock Exchange index (PSEi) was up 154.74 points to 6,410.48, a 2.47 percent hike.
The broader All Shares index was up 55.82 points or 1.67 percent to 3,394.96.
Gainers edged losers 120 to 59 with 44 stocks unchanged. Trading turnover reached P6.78 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the PSEi broke past the 6,400 barrier “as investors bet ahead of the Bangko Sentral ng Pilipinas policy-setting meeting today that the country will follow the Fed.”
The peso closed at 55.795 to the dollar, up from 56.055 on Wednesday. The currency opened at 55.75 and hit a high of 55.62 and a low of 55.80. Trading turnover reached $1.48 billion.
Emerging Asia currencies joined a rally in global markets on Thursday, after the US Federal Reserve indicated that its tightening cycle is likely over and flagged rate cuts next year, bolstering investor appetite for riskier assets.
The BSP was widely expected to leave interest rates unchanged. T
“One factor that could be supportive for PHP (Philippine peso) however, would be BSP’s consistent hawkish commentary. A rate hike by the BSP at a time of global easing could be one reason we would see PHP appreciate more aggressively than our baseline forecast,” Nicholas Mapa, senior economist, at ING in the Philippines wrote.
Most actively traded Ayala Land Inc. was up P1.30 to P32.80. International Container Terminal Services Inc. was down P5.20 to P229.20. SM Investments Corp. was up P43 to P875. SM Prime Holdings Inc. was up P1.35 to P34.15. BDO Unibank Inc. was up P3.70 to P130.40. Ayala Corp. was up P30 to P681. Universal Robina Corp. was up P2.40 to P118.60. Bank of the Philippine Islands was up P0.70 to P101.50. Century Pacific Food Inc. was up P0.15 to P33.25. Jollibee Foods Corp. was up P9 to P245.
