Share prices ended up Thursday on waning risk aversion and positive news overseas.
The Philippine Stock Exchange index (PSEi) was up 96 points to 7,122.245, a 1.37 percent hike.
The broader all shares index was up 46.28 points to 3,759.96, a 1.25 percent hike.
Gaineres edged losers 123 to 62 with 49 stocks unchanged. Trading turnover reached P7.5 billion.
The peso closed at 52.14 to the dollar, up from 52.31 on Wednesday. The currency opened at 52.18, and hit a high of 52.10 and a low of 52.22. Trading turnover reached P998.2 million.
Hopes of more stimulus in China and progress in peace talks between Ukraine and Russia aided Asia sentiments and pressured the dollar, which was at risk of spurning its weeks-long momentum, as the Fed’s statement lacked any tough surprises, Reuters reported.
“The market digested the FOMC outcome relatively well as Fed Chair (Jerome) Powell played down stagflation risks,” said economists at DBS Bank. “The FOMC’s statement was focused on price pressures and yet comfortable that higher interest rates and quantitative tightening won’t undermine the economic outlook materially.”
Despite the Fed’s rate hike, market gains held up on signs of progress in the peace talks as the war entered its fourth week, and on China’s plans to boost the economy and take steps seen as favorable to capital markets.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market continued to rebound after the Fed raised its benchmark interest rates for the first time since 2018.
“The central bank hinted at six more rate hikes this year as it forecasted a consensus funds rate of 1.9 percent by end of the year,” he said.
Limlingan said the market movement was also influenced by “a positive development on the ongoing peace talks between Ukraine and Russia.”
Most actively traded BDO Unibank Inc. was up P3.80 to P133. Converge ICT Holdings Inc. was up P2.25 to P25.95. SM Prime Holdings Inc. was up P0.15 to P38.10. International Container Terminal Services Inc. was up P6.80 to P224.80. Bank of the Philippine Islands was up P4.90 to P99.90. SM Investments Corp. was up P6 to P906. Ayala Land Inc. was upP0.95 to P36.55. Metropolitan Bank and Trust Co. was up P1.95 to P54.20. PLDT Inc. was down P46 to P1,693. AC Energy Corp. was up P0.28 to P8.43.
