MANILA, Philippines — Local stocks rose for third day ahead of the Bangko Sentral ng Pilipinas’ policy meeting today.
The benchmark Philippine Stock Exchange index (PSEi) jumped 2.02 percent or 132.92 points to close at 6,727.60.
Traders said investors continued to scoop up bargains ahead of the BSP meeting with mining stocks posting the biggest gains followed by holding firms.
The sectoral gauges were mostly up except for property.
Total value turnover reached P7.75 billion. Market breadth was positive, 134 to 60 while 45 issues were unchanged.
Asian stock markets were mixed yesterday after Wall Street rose and the Federal Reserve chairman said it would raise interest rates further if needed to cool inflation.
Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above $110 per barrel.
On Wall Street, the benchmark S&P 500 index rose by an unusually wide daily margin of two percent after positive US retail sales data helped to offset concern about inflation.
The Fed will “have to consider moving more aggressively” if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.
Nagging doubts about inflation and the drag from rate rises crept back into the global growth outlook.
The dollar steadied after an overnight kicking, helped by Australian wages data missing forecasts, which pulled down the Aussie dollar.
Positive data had helped the short-term mood, with US retail sales meeting forecasts for a solid increase in April and industrial production beating expectations.
Shanghai is also edging toward an end to its lockdown and China’s vice-premier made soothing comments to tech executives in the latest sign of a let up in pressure.
However, any good news was offset by the reminder from Powell that controlling inflation would demand rate rises and possibly some pain.