Index rises on Yellen’s comments on economy
MANILA, Philippines - Philippine stocks gained yesterday, boosted by the US Federal Reserve’s commitment to continue supporting the US economy.
The Philippine Stock Exchange index recovered by 0.25 percent or 16.70 points to end at 6,765.21, snapping a two-day decline. The broader all shares index gained 0.37 percent or 15.06 points to 4,080.29.
“The market halted a two-day decline as our market tracked leads in the US markets as the US Fed expressed support for economic recovery,†DA Market Securities said in a report.
Local stocks also benefited from the positive export data in world’s second largest economy China, it added.
Wall Street climbed on Wednesday after US Fed chairman Janet Yellen said the US economy needs continued support for its recovery, signifying the need for low interest rates and monetary stimulus. The Dow Jones industrial average improved 0.72 percent or 117.52 points to close at 16,518.54, while the broader Standard & Poor’s 500 index added 0.56 percent or 10.49 points to 1,878.21.
Asian stocks also advanced yesterday given the uptick in Wall Street. Japan’s Nikkei 225 rose 0.93 percent or 130.33 points to 14,163.78, while Hong Kong’s Hang Seng index inched up 0.42 percent or 90.86 points to 21,837.12.
At home, all counters, save for mining and oil that declined 0.01 percent or 2.21 points to 16,620.13, were in the green. The gainers were led by property firms that rose 0.81 percent or 21.63 points to 2,679.20.
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