Index follows positive lead from Wall St

MANILA, Philippines - Philippine stocks managed to rise yesterday, boosted largely by Wall St’s recovery.

The Philippine Stock Exchange index (PSEi) gained 0.38 percent or 26.57 points to close at 7,093.31, still a few points shy of the 7,100 level, while the broader all shares index climbed 0.53 percent or 22.26 points at 4,189.48.

“Investors took their cue from Wall Street’s advance, ahead of the Fed’s policy announcement.  Some were encouraged by improving economic estimates at home, following forecasts from the central bank,” said Jason Escartin, investment analyst at F. Yap Securities.

The Nasdaq led the Wall Street’s rally as it jumped 1.75 percent or 78.36 points on the back of positive outcome in the US Federal Reserve’s two-day meeting.

The S&P 500 and the Dow likewise each had their own share of gains, adding 1.19 percent and 1.12 percent, respectively.

Locally, all counters finished in the green led by the property firms which gained 1.24 percent or 33.54 points.

Mining and oil firms as well as holding firms also had significant increases, jumping 0.96 percent and 0.60 percent, respectively.

Market breadth turned out positive as advancers dominated decliners, 107 to 72, while 34 stocks did not change hands.

Value turnover grew to P7.64 billion from P6.03 billion the previous day.