MANILA – The Philippine Stock Exchange index (PSEi) went up by 1.25 percent, taking cues from the US markets while the peso moved sideways on Wednesday.
The PSEi closed at 6,965.51 while All Shares, likewise, went up 0.95 percent to 3,614.20.
"The local bourse jumped by 85.92 points (1.25 percent) to 6,965.51, mirroring the performance of the US markets overnight. Investor sentiment was boosted by the latest US inflation print, which came in within expectation, raising hopes that the Federal Reserve would soon decide to ease monetary policy," Philstocks Financial, Inc. assistant research manager Claire Alviar said.
"At home, the anticipation of interest rate cuts by the Federal Reserve this year added to optimism, as the Bangko Sentral ng Pilipinas may likely follow suit. But of course, the inflation rate in the country would have a more significant influence on the BSP’s decision."
All the sectoral counters closed in the green led by Property, which went up by 2.03 percent.
Advancers led decliners at 119 to 71, while 52 shares were unchanged.
The peso, meanwhile, moved sideways, closing at 55.396 to the dollar on Wednesday from the previous day's 55.31 finish.
It opened the day at 55.55 and traded between 55.345 and 55.55, averaging at 55.398.
The total volume of trade amounted to USD1.007 billion, slightly lower than Tuesday’s USD1.132 billion. (PNA)
