PH stocks gain on Fed prospects

MANILA, Philippines–The local stock index firmed up Thursday above the 7,200 level as investors took heart from a rally on Wall Street which was, in turn, spurred by prospects of a “dovish” US Federal Reserve.

The main-share Philippine Stock Exchange index gained 16.21 points, or 0.23 percent, to close at 7,201.89.

Across the region, trading was mostly upbeat as investors welcomed the latest minutes of the US Fed, which raised expectations that the US key rate would remain low for a period longer than what was initially thought.

The day’s upswing was led by the financial, industrial, holding firm, services and property counters, while the mining/oil ended lower.

Value turnover amounted to P7.7 billion. There were 97 advancers against 84 decliners, while 37 stocks were unchanged.

The PSEi was led higher by Meralco and Megaworld which both gained over 2 percent, while AGI, BDO and Bloomberry all rose by over 1 percent. PLDT, ALI, SMIC, SM Prime and Petron also contributed to the PSEi’s gains.

On the other hand, the PSEi’s gains were tempered by the decline in shares of DMCI (-1.43 percent). Metrobank, AC, Semirara, EDC, URC and AP all declined.

Meanwhile, investors continued to shun ANI and Greenergy, which respectively slid by 2.86 percent and 11.11 percent.–Doris C. Dumlao