MANILA -The Philippine stock market extended gains on Friday as investors piled into conglomerates Ayala Corp. and SM Investments amid the improving outlook on global inflation and interest rates.
The PSEi added 1.06 percent, or 67.96 points, to 6,478.44 while the broader All Shares index rose 0.43 percent, or 14.59 points, to 3,409.55 by the closing bell on Friday.
“Philippine shares logged in another winning day after the [US Federal Reserve] stated that its efforts to ease inflation are taking hold, and indicated three interest rate cuts next year,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Friday.
READ: Asian shares hit three-month peak as Fed pivot rally rolls on
The Monetary Board also kept the policy rate of the Bangko Sentral ng Pilipinas steady at 6.5 percent while signaling rates would stay higher for longer due to upside risks to inflation.
READ: BSP keeps benchmark rate unchanged at 6.5%
Meanwhile, stock exchange data showed 897.2 million shares valued at P10.2 billion changing hands while net foreign buying stood at P448.42 million.
Holding firms jumped 3.38 percent, followed by services (up 1.14 percent), industrial (up 0.41 percent), and financials (up 0.06 percent). Property and mining and oil lost 1.39 percent and 0.54 percent, respectively.
SM Prime (down 3.07 percent) was the top traded stock.