Index hits year high on US Fed stance

MANILA, Philippines -  Investors returned to the market yesterday, driving the index to its highest level so far this year, after the US Federal Reserve kept rates steady and downplayed weak first quarter economic growth.

The benchmark Philippine Stock Exchange index (PSEi) gained 73.49 points, or 0.95 percent, to finish at 7,755.75 while the broader All Shares index grew 32.98 points or 0.71 percent to end at 4,636.10.

“The PSEi rebounded off the previous session’s marginal slide pushing the measure closer to the pre-Duterte administration close,” said Justino Calaycay of Philstocks Financials.

Mining investors took profits after mining stocks surged on Wednesday when the Commission on Appointments rejected Gina Lopez’s appointment as environment secretary.

Total value turnover reached P7.52 billion as advancing stocks outpaced decliners, 116 to 80 while 47 issues were left unchanged.

Elsewhere in the region, Asia was a mixed bag with Chinese stocks stumbling alongside Australian and New Zealand shares.

Japan’s Nikkei index jumped 135 points as the US currency firmed on the Fed decision to stay rate adjustments.

Southeast Asia reflected the mix of the wider region, with the bigger markets of Singapore, Malaysia and Indonesia tilting lower.