Philippine stocks rise with rest of Asian stocks on hopes of US stimulus

A+
A
A-

MANILA, Philippines—Local share prices tracked gains in other Asian markets as investors remained hopeful that the United States Federal Reserve would move to spur the world’s largest economy.

The benchmark Philippine Stock Exchange Index (PSEi) on Thursday gained 33.4 points, or 0.64 percent, to close at 5,240.50.

The broader all-shares index rose 0.47 percent. The property counter was the only subsector in the red at the end of trading, losing 0.46 points. It was dragged down by Ayala Land Inc., which lost 1.54 percent.

Japan’s Nikkei 225 index was up 0.5 percent, South Korea’s Kospi gained 0.1 percent, and Hong Kong’s Hang Seng rose 0.2 percent, mainly on expectations that the US monetary authorities would announce fresh stimulus measures this week.

One analyst said investors remained bullish on the domestic economy, which has outperformed most of its Asian neighbors this year.

A report by research firm GlobalSource Partners. Inc. said the Philippine economy would likely grow by 5.8 percent this year, near the top end of the government’s target.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • http://pulse.yahoo.com/_ZM5M5XXSAK5QKHBTSP5LQF3OIY audrey

    keep it up Philippines!!

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement
advertisement