Philippine stocks rose Wednesday as positive comments from US Federal Reserve Chairman Jerome Powell boosted hopes that US rate cut would likely happen soon.
The 30-company Philippine Stock Exchange index rallied by 91.07 points, or 1.43 percent, to close at 6,450.03, while the broader all-shares index added 32.46 points, or 0.94 percent, to reach 3,495.13.
“Philippine shares closed in positive territory after Federal Reserve announced some progress in reducing inflation but indicated that it is not yet ready to lower interest rates,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Investors also welcomed the pull back in oil prices, which declined from a two-month high. Except for mining and oil which declined by 0.97 percent, all sub-indices ended in the green. Value turnover reached P3.56 billion. Jenniffer B. Austria
