Stocks gain on Fed news
Philippine stocks on Thursday rallied after the influential US Federal Reserve decided to maintain a highly accommodative monetary policy that served to bolster financial markets around the world.
The benchmark Philippine Stock Exchange index gained as much as 4 percent during the session before returning some gains. It rose 2.81
percent, or 177.74 points, to close at 6,511.70.
“The market appears euphoric, which is why we saw this gain,” said Jonathan Ravelas of BDO Unibank Inc.
The rebound was brought on by the Federal Reserve’s announcement the night before that it would not slow down the pace of stimulus measures. This caused Wall Street to rally, with the benchmark Dow Jones Industrial Average gaining close to 1 percent while the S&P 500 increased 1.22 percent. Miguel R. Camus