PSEi recovers after Fed hints of doing enough to tame inflation
MANILA -The Philippine stock market closed higher after the US Federal Reserve delivered an expected interest rate hike while hinting at a pause in its tightening cycle. Investors also positioned ahead of the domestic inflation report today, May 5.
The benchmark Philippine Stock Exchange index (PSEi) rose 1.18 percent, or 77.66 points, to 6,684.35 on Thursday while the broader All Shares index added 0.81 percent, or 28.46 points, to 3,553.64.
The US central bank announced a 25-basis point interest rate hike overnight while signaling it may pause further increases amid broader worries over a US banking crisis.
The latest interest rate announcement was widely expected by the market. Trading volume on Thursday was relatively thin, with 683.77 million shares valued at P4.54 billion changing hands while foreigners were net buyers of an amount worth P376.5 million, stock exchange data showed.
All subsectors closed positive, with property firms in the lead with a 2.09-percent gain. Mining and oil and industrial stocks also climbed 1.5 percent and 1.47 percent, respectively.
Ayala Land Inc. was the top traded stock as it closed higher by 4.56 percent to P28.65 per share.
It was followed by BDO Unibank Inc., up 2.40 percent to P141; SM Investments Corp., up 0.72 percent to P913.50; SM Prime Holdings Inc., up 1.64 percent to P34; and Converge ICT Solutions Inc., down 2.62 percent to P11.14 per share.
Ayala Corp. rose 3.56 percent to P654; PLDT Inc., up 4.59 percent to P1,254; Bank of the Philippine Islands, up 1.39 percent to P109.50; International Container Terminal Services Inc., down 0.93 percent to P214; and Monde Nissin Corp., up 4.41 percent to P9.95 per share.
Overall, there were 97 losers against 96 advancers while 45 companies closed unchanged, stock exchange data showed. INQ
