The Philippine Stock Exchange index (PSEi) was up 106.45 points to 6,963.22, a 1.55 percent hike.
The broader All Shares index was up 43.14 points or 1.21 percent to 3,615.24.
Gainers edged losers 124 to 77 with 43 stocks unchanged. Trading turnover reached P6.34 billion.
The peso closed at 56.03 to the dollar, up from 56.13 on Wednesday.
The currency opened at 56.01 and hit a high of 55.888 and a low of 56.075. Trading turnover reached $1.32 billion.
Most emerging Asian assets rallied on Thursday after the US Federal Reserve maintained its projections for three interest rate cuts this year, providing room for the regional central banks to begin considering monetary easing.
Overnight, the Fed held interest rates steady and indicated it was on track for three rate cuts this year while affirming that solid economic growth would continue.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors took positive cues from Wall Street’s overnight hike “amid renewed rate cut hopes.”
“In the recent FOMC (Federal Open Market Committee) meeting, Fed Chair Jerome Powell stated that the Federal Reserve maintains its 75-basis point reduction forecast for this year as US inflation remains on track toward its target. Boosting the sentiment was Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona’s statement saying the BSP may even cut rates faster than the Fed,” he said.
Most actively traded International Container Terminal Services Inc. was up P29.2 to P344. BDO Unibank Inc. was up P0.50 to P154.50. SM Prime Holdings Inc. was up P0.35 to P33.15. SM Investments Corp. was steady at P980. Ayala Land Inc. was up P0.55 to P32.35. Bank of the Philippine Islands was up P0.70 to P122.50. Jollibee Foods Corp. was up P6 to P265. Ayala Corp. was down P1 to P649.50. Universal Robina Corp. was up P0.90 t oP102.40. PLDT Inc. was up P24 to P1,369.
