Stock index rallies to 7,300

The local stock barometer rallied to the 7,300 mark on Friday as investors cheered the “accommodative” stance on interest rate policy by the US Federal Reserve.

The Philippine Stock Exchange index gained 95.84 points or 1.33 percent to close at 7,306.74 in heavy volume, tracking upbeat global markets.

After a two-day monetary meeting, the US Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.

“The Fed has given the green light for global risk, especially on the rates side. It feels like a strange ‘goldilocks environment,’ whereby the sub-asset class that has been widely under-owned is finally finding some space to perform,” said Citigroup.

At the local market, the day’s gains were led by the property counter, which jumped 2.08 percent while holding firms and services counters grew by over 1 percent.

Value turnover for the day was heavy at P11.17 billion.  There were 100 advancers that edged out 80 decliners.

ALI led the day’s rally, gaining 5.02 percent and was the most actively traded stock. Doris Dumlao-Abadilla