Share prices closed with some gains, tracking overseas leads following the conclusion of the US Federal Reserve’s policy meeting overnight.
Online stock trading platform 2tradeasia.com said the market opened higher in line with Wall Street’s gains overnight, cheering the Fed’s decision to keep interest rates unchanged with an indication of the likelihood of two quarter-point cuts later this year.
“The local market rose further on the back of positive cues from Wall Street. This came as the Federal Reserve maintained its outlook of two policy rate cuts this year,” Philstocks Financial Inc. said.
2tradeasia.com, however, also pointed out that US policymakers underscored members’ uncertainty about handling the effects of Trump’s tariff plans.
Given such lingering uncertainty, the Philippine Stock Exchange index (PSEi) managed to gain only 0.16 percent or 10.01 points to settle at 6,323.13.
The broader All Shares index shed 4.03 points or 0.11 percent to 3,745.32.
Gainers edged out losers 103 to 98, with 44 stocks unchanged. Trading turnover reached P5.6 billion.
Philstocks said investors were betting on the possibility that the Bangko Sentral ng Pilipinas (BSP) would cut its policy rates when its officials meet in April, giving a boost to the market.
“The mining sector surged strongly this Thursday, taking the lead with a 6.07 percent gain. The banking sector was the only losing sector, cutting 0.42 percent,” it said.
Most actively traded Ayala Corp. dropped P2 to P604. Philex Mining Corp. gained P0.74 to P7.15. BDO Unibank Inc. was steady at P161. Jollibee Foods Corp. shed P2.20 to P248. Converge ICT Solutions Inc. closed up P0.68 at P18.78. International Container Terminal Services Inc. was steady at P374. Bank of the Philippine Islands fell P2.80 to P135.20. Metropolitan Bank and Trust Co. gained P0.45 to P73.45. SM Investments Corp. closed up P2 at P810.
