Equities post modest gains

MANILA  -The equity market saw a modest rebound above the 6,400 level on Thursday, as investors cheered the decision of the powerful US Federal Reserve to pause its interest rate hikes.

The main Philippine Stock Exchange index rose 0.43 percent to 6,461.42 while the broader All Shares index added 0.2 percent to 3,444.07.

The U.S. Fed pause came a week before another consequential Bangko Sentral ng Pilipinas’ Monetary Board policy meeting to determine local borrowing costs scheduled on June 22—and weighed bets that the Chinese government will implement more measures to support flagging domestic output amid mounting indications that the world’s second-largest economy was headed for a protracted slowdown.

—Miguel R. Camus