Share prices closed up Thursday as investors bet monetary officials’ policy tightening is set to end soon.
The peso closed up.
The Philippine Stock Exchange index was up 77.66 points, a 1.18 percent hike to 6,684.35.
The broader All Shares index was up 28.46 points or 0.81 percent to 3,553.64.
The peso closed at 55.35 to the dollar, up from 55.335 on Wednesday.
The currency opened at 55.20, and hit a high of 55.13 and a low of 55.38. Trading turnover reached $1.37 billion.
The Fed, as expected, raised its benchmark interest rate by a quarter of a percentage point overnight, but an omission from its policy statement marked a change in tone, as it no longer said it “anticipates” further rate increases would be needed.
A pause should give Fed officials time and space to assess inflationary trends and ongoing challenges such as the fallout from recent bank failures and the political standoff over the US debt ceiling.
All major Asian currencies strengthened.
Claire Alviar, analyst at Philstocks Financial Inc. said investor sentiment was boosted by the hint the Fed will likely pause its rate hike soon.
“Moreover, investors also anticipate that April’s inflation rate may come slower than March’s figure. Given these, the likelihood of the Bangko Sentral ng Pilipinas (BSP) halting rate hikes has increased,” she said.
Most actively traded Ayala Land Inc. was up P1.25 to P28.65. BDO Unibank Inc. was up P3.30 to P141. SM Investments Corp. was up P6.50 to P913.50. SM Prime Holdings Inc. was up P0.55 to P34. Converge ICT Solutions Inc. was down P0.30 to P11.14. Ayala Corp. was up P22.50 to P654. PLDT Inc. was up P55 to P1,254. Bank of the Philippine Islands was up P1.50 to P109.50. International Container Terminal Services Inc. was down P2 to P214. Monde Nissin Corp. was up P0.42 to P9.95.
