Most local stocks firmed up on Thursday as investors took heart from the dovish remarks of US Federal Reserve chief Janet Yellen.
The main-share Philippine Stock Exchange index gained 16.7 points, or 0.25 percent, to close at 6,765.21.
Except for the mining/oil sub-sector, which was hit by profit-taking, most counters posted modest gains.
Value turnover for the day amounted to P7.6 billion. There were 99 advancers against 80 decliners, while 41 stocks were unchanged.
Domestic investors supported the day’s rise as foreign investors were net sellers in the amount of P200 million.
The PSEi was led higher by SM Prime (+3.32 percent), while other large-cap stocks like PLDT, SMIC, AC, BDO, MPI, ICTSI, AGI and DMCI registered modest gains.
Across the region, most markets were perked up by Yellen’s testimony before Congress that the US economy would still need a lot of support because of the “considerable slack” in the labor market.
Her comment boosted expectations that, while the US central bank had begun tapering its monetary stimulus, it would refrain from tightening interest rates. Doris C. Dumlao