Phl stocks rise ahead of US Fed meeting

MANILA, Philippines - Local share prices returned to life yesterday, joining the uptrend in other markets abroad in anticipation of the US Federal Open Market Committee‘s two-day policy meeting .

The Philippine Stock Exchange index (PSEi) climbed 0.75 percent or 58.15 points to snap two straight sessions of decline at 7,789.10, while the broader all shares index improved 0.54 percent or 24.50 points to close at 4,522.09.

“Philippine shares bounced back from a two-session, 108.87 slump as local investors rode on a region-wide cheer, attempting to rebuild the month’s gains which the preceding two-session slump practically erased,” Accord Capital Equities Copr. analyst Justino Calaycay Jr. said.

Asian shares were generally higher after taking its cue from Wall Street.

US stocks had a cheerful atmosphere overnight with expectations that the Federal Reserve will delay a possible rate hike.

“The market has kept to its pattern over the last two weeks or so – nearly sideways bias on relatively lower value turnover. More so, we have been relegated to a rather ‘reactive’ phase, moving just alongside its peers in the region, or borrowing hints from overnight movements in US equities,” Calaycay said.

All counters in the local scene were in the green except for services firms which slipped 0.57 percent or 12.21 points.

Property firms, meanwhile, enjoyed the biggest gain of 1.99 percent or 61.16 points during the session.

Value turnover increased to P9.31 billion from the previous day’s P7.95 billion with 1.75 billion stocks changing hands.

Market breadth turned out positive as advancers edged out decliners, 93 to 85, while 41 shares were unchanged.