Philippine stocks rise with rest of Asian stocks on hopes of US stimulus

MANILA, Philippines—Local share prices tracked gains in other Asian markets as investors remained hopeful that the United States Federal Reserve would move to spur the world’s largest economy.

The benchmark Philippine Stock Exchange Index (PSEi) on Thursday gained 33.4 points, or 0.64 percent, to close at 5,240.50.

The broader all-shares index rose 0.47 percent. The property counter was the only subsector in the red at the end of trading, losing 0.46 points. It was dragged down by Ayala Land Inc., which lost 1.54 percent.

Japan’s Nikkei 225 index was up 0.5 percent, South Korea’s Kospi gained 0.1 percent, and Hong Kong’s Hang Seng rose 0.2 percent, mainly on expectations that the US monetary authorities would announce fresh stimulus measures this week.

One analyst said investors remained bullish on the domestic economy, which has outperformed most of its Asian neighbors this year.

A report by research firm GlobalSource Partners. Inc. said the Philippine economy would likely grow by 5.8 percent this year, near the top end of the government’s target.