PSEi retests 6,800 ahead of US Fed meet

Philippine Stock Exchange. AFP

THE LOCAL stock barometer climbed back to the 6,800 level on Wednesday, tracking the recovery seen elsewhere in the region ahead of a closely-watched monetary meeting by the US Federal Reserve.

The Philippine Stock Exchange index recouped 106.37 points or 1.59 percent to close at 6,807.72.

Regional markets also mostly recovered after a six-day slump ahead of the US Fed meeting. At the end of its two-day meeting on Dec. 16, the US Fed is expected to raise its targeted interest rate for the first time in a decade.

READ: World watches with US Fed expected to raise rate

At the local market, all counters were up but the biggest gain was eked out by the property counter which rose by 2.2 percent. The holding firm and services counters also gained over 1 percent.

Value turnover for the day stood at P5.81 billion. There were 94 advancers that edged out 61 decliners while 39 stocks were unchanged.

The PSEi was led higher by RLC, which gained 4.53 percent while ALI, AC, Metrobank, Globe and EDC all rose by over 3 percent. PLDT, SMIC, Megaworld and AGI were up by over 2 percent while SMPH, BPI and Metro Pacific rose by over 1 percent. GTCAP and Jollibee also firmed up.

JG Summit declined by 1.43 percent while URC and DMCI also slipped.

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