PSEi rallies back to 6,900

The local stock barometer rallied back to the 6,900 level Friday as investors priced in a gradual approach to interest rate increases by the US Federal Reserve (Fed).

The Philippine Stock Exchange index (PSEi) surged by 107.43 points or 1.57 percent to close at 6,932.81.

The local bourse tracked mostly upbeat markets in the region. “The dovish trajectory of Fed fund rates priced in by the market for 2016 and beyond derives comfort from the gradualist approach of Fed hikes reinstated by FOMC (Federal Open Market Committee) members,” Citigroup said in a research note. Doris Dumlao-Abadilla