Connect with us

Hi, what are you looking for?


PHL shares rise as Fed keeps key rate near zero

PHILIPPINE SHARES climbed on Thursday after the US Federal Reserve kept its key interest rate near zero to support the recovery of the world’s largest economy.

The Philippine Stock Exchange index (PSEi) rose by 64.02 points or 0.97% to close at 6,630.85 on Thursday. The all shares index also climbed by 40.31 points or 1.01% to finish at 4,005.09.

“Market moved up [on Thursday] in line with most regional markets as [the] US Fed maintained overnight rates to reassure the market of its tolerant stance on inflation [and] renewed emphasis on continued policy support,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said via text message.

“The PSEi climbed higher led by recently battered blue chip property and bank stocks. Trading volumes continue to decline as investors take a wait-and-see approach,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said in an e-mail.

The US economy is heading for its strongest growth in nearly 40 years, the Federal Reserve said on Wednesday, and central bank policy makers are pledging to keep their foot on the gas despite an expected surge of inflation, Reuters reported.

“Strong data are ahead of us,” a confident Fed Chair Jerome Powell said after a two-day policy meeting, ticking off the list of forces Fed officials expect will produce 6.5% gross domestic product growth this year — from massive federal fiscal stimulus to optimism around the success of coronavirus vaccines.

The Federal Open Market Committee’s policy statement, which kept the benchmark overnight interest rate in a target range of 0-0.25%, was unanimous.

“We are committed to giving the economy the support it needs to return as quickly as possible to a state of maximum employment,” Mr. Powell said in a briefing after the Fed released its new economic projections and latest policy statement.

Back home, all sectoral indices improved except for holding firms, which declined by 3.93 points or 0.05% to 6,694.43.

Meanwhile, financials went up by 32.05 points or 2.28% to 1,436.33; property improved by 71.29 points or 2.18% to 3,333.76; mining and oil increased by 134.28 points or 1.58% to 8,619.13; industrials rose by 54.82 points or 0.64% to 8,582.71; and services added 3.45 points or 0.24% to close at 1,438.68.

Value turnover climbed to P8.85 billion on Thursday with 3.06 billion shares switching hands from the P6.85 billion with 4.62 billion issues traded on Wednesday.

Advancers beat decliners, 149 against 64, while 41 names closed unchanged.

Net foreign selling grew to P397.96 million on Thursday from the P256.96 million seen the day prior.

“There is still some hope that the pandemic situation will improve in the coming weeks which will give the investor sentiment a boost,” AAA Southeast Equities’ Mr. Mangun said. “Until then, the market will continue sideways with a slight negative bias.” — KCGV with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



A UK-backed mission which will search for Earth-like planets orbiting alien stars has been given the green light to continue with its development after...


According to a new survey a staggering 3 out of 5 UK professionals are unhappy with their current salary. The study, which surveyed 1,500...


A mental health crisis is looming among small business owners – with 82% reporting that their mental health has already declined due to the...


One of Britain’s biggest banks has called on the “social conscience” of large businesses to encourage them to settle bills to small and medium-sized...


The UK’s deep regional divides are widening despite the government’s promises to level up the country, a think tank for the north of England...


Britons are consuming too much alcohol at home due to sessions lasting longer than pub visits, an expert said, after data suggested millions of...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.