PSEi reclaims 6,900 spot after Fed announcement | Inquirer Business
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PSEi reclaims 6,900 spot after Fed announcement

/ 05:32 AM September 24, 2021

The local stock barometer firmed up at the 6,900 level on Thursday as investors welcomed the latest monetary policy guidance from the US Federal Reserve.

The main-share Philippine Stock Exchange index (PSEi) added 24.55 points, or 0.36 percent, to close at 6,915.28, tracking upbeat global markets.

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Investors across the world welcomed the Fed’s signal that it could start reducing monetary stimulus this year but did not rule out the possibility of extending these liquidity-inducing bond-buying operations if needed by the US economy.

The Fed also kept benchmark interest rates at nearly zero level.

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“If progress continues broadly as expected, the committee judges that a moderation in the pace of asset purchases may soon be warranted,” said a statement issued by the Federal Open Market Committee after a two-day meeting.

Following the Fed’s guidance, the Dow Jones Industrial Index gained 338.48 points or 1 percent. Across the region, stock markets edged mostly higher.

In the Philippines, the stock market closed higher ahead of the Bangko Sentral ng Pilipinas’ policy meeting. The consensus expected the monetary authority to keep its key interest rates at record-low levels.

The industrial counter led the upswing as it gained 1.39 percent.

The financial, services, mining/oil and property counters all firmed up by less than 1 percent.

On the other hand, the holding firm counter ended a tad lower.

There were 105 advancers that beat 79 decliners, while 58 stocks were unchanged.

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Domestic hands supported the market as there was P294 million worth of net foreign selling.

Investors picked up shares of AC Energy and Jollibee, which both added over 3 percent, while Ayala Land rose by 2.44 percent.

PLDT, Ayala Corp., SM Prime, Converge, LTG, BDO, SM Investments and URC were all up by less than 1 percent.

Notable gainers outside the PSEi included Apollo Global, which rose by 8.6 percent after announcing a deal to acquire 49 percent of PBO, a Singaporean company which owns MB Siphon I sea vessel, which will be used for the offshore mining activities of Apollo subsidiary, JDVC Resources Corp.

—Doris Dumlao-Abadilla
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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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