MANILA – The local index and the Philippine peso finished the day strong on Thursday following the dovish outlook of the United States’ central bank.
“This Thursday, the local market rose by 154.74 points (2.47 percent) to 6,410.48 as investors cheered the Federal Reserve’s dovish outlook after it held policy rates unchanged in its recent meeting,” Philstocks Financial, Inc. research and engagement officer Mikhail Plopenio said.
The Bangko Sentral ng Pilipinas, likewise, kept its policy rates during the Monetary Board meeting on Thursday.
All Shares also increased by 55.82 points to 3,394.96.
Except for Services, all sectoral indices closed in the green territory.
“The Federal Reserve stated that they anticipate three possible rate cuts for 2024, to be done in 25 basis points increments. This gave hope that the Fed may ease their policies soon after more than a year-long combat against inflation,” Plopenio added.
The market net value turnover increased to PHP6.01 billion, higher than the year-to-date average of PHP4.87 billion.
Meanwhile, the peso closed strong to 55.80 to a US dollar from 56.06 in the previous trading.
It opened at 55.75 and traded from a low of 55.62 to a high of 55.80, bringing the average level for the day at 55.69 to the greenback.
The trade volume slipped to USD1.48 billion from USD1.6 billion. (PNA)
