Connect with us

Hi, what are you looking for?


Philippine shares rebound after Fed rate pause

By Adrian H. Halili

PHILIPPINE stocks rose on Thursday on last-minute bargain hunting as investors digested the US Federal Reserve’s decision to pause interest rate increases.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.42% or 27.36 points to close at 6,461.42. The broader all-share index gained 0.2% or 7.03 points to 3,444.07.

“The index rose on market-on-close buying after investors considered the Federal Reserve’s move to keep its policy rate unchanged,” Juan Paolo E. Colet, managing director at China Bank Capital Corp., said in a Viber message.

“Sentiment was also helped by Fed Chairman Jerome Powell’s remarks that he still sees a path to a soft landing for the US economy,” he added.

Foreign investors were more optimistic about the recent developments, “as net foreign buying was around P245 million, while local investors were net sellers,” Mr. Colet said. “The market must hold the 6,400 support level to avoid downward pressure.”

Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio attributed the index gains to last-minute bargain hunting.

“Throughout the day, the bourse traded in the red territory before a last-minute push that aided it to a positive close,” he said in a Viber message.

Investors had also digested the results of the US central bank’s recent meeting where it held its rates steady, but signaled two more rate hikes for the rest of the year.

“The market fell below the 6,400 intraday support level before bargain hunters came in, eventually lifting it above the level before closing,” Mr. Plopenio said.

The US Fed kept interest rates unchanged at 5-5.25% but signaled in new projections that borrowing costs might still need to rise by as much as half-a-percentage point by year-end, Reuters reported.

Back home, sectoral indices were split on Thursday. Property rose by 1.42% or 36.89 points to 2,621.98, while financials increased by 0.78% or 14.32 points to 1,845.73. Holding firms gained 0.31% or 20.01 points to 6,420.65.

Meanwhile, services declined by 0.98% or 14.85 points to 1,497.53, while mining and oil slid by 0.93% or 92.92 points to 9,857.96. Industrials fell by 0.08% or 8.02 points to 9,201.31.

Value turnover decreased to P6.1 billion, with 1.11 billion shares changing hands. Advancers outnumbered decliners, 93 to 91, while 31 stocks were unchanged.

Net foreign buying was P244.81 million from P533.22 million in net selling on Tuesday.

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!



THE PESO rose against the greenback on Wednesday after global oil prices went down to three-week lows and the dollar slightly eased against other...


SHARES dropped on Wednesday as the market stayed on the sidelines ahead of the release of September inflation data, which could affect the Bangko...


THE Board of Investments (BoI) said it endorsed for green-lane treatment a P50-billion common passive telecommunications tower infrastructure project which it expects to generate...


THE Department of Trade and Industry (DTI) said manufacturers had arrived at a “consensus” to delay price increases until the end of 2023. “What...


THE Department of Budget and Management (DBM) said it wants to keep disbursements above 20% of gross domestic product (GDP) to ensure the government...


PROPOSALS to tax junk food as well as raise the current tax on sweetened beverages are not feasible, a senior legislator said. “On a...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


JUNIOR FERREIRA-UNSPLASH The Philippines is a very small power market by ASEAN standards, with market demand peaking at 15 gigawatts (GW) compared to Thailand’s...

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.