MANILA, Philippines - Share prices extended their gains yesterday, riding on a regional upswing brought about by the US Fed decision to defer its rate increase, analysts said.
At the close of yesterday’s session, the benchmark Philippine Stock Exchange index (PSEi) closed at 7,150.29, ahead by 11.38 points or 0.15 percent, while the broader All Shares index closed higher by 14.38 points, or 0.35 percent, to finish at 4,094.13.
The market recovered losses earlier in the trading session and successfully stayed above the 7,100 level.
Luis Limlingan, managing director of Regina Capital said prices have to rally past 7,160 to trigger a breakout and retest next resistance areas between 7,210 and 7,272.
Value turnover reached P5.81 billion. Advancers outnumbered decliners 120 to 72 while 32 stocks were left unchanged.
Overseas, shares got off to a strong start in Europe and Asia yesterday while the dollar dipped towards three-week lows, with investors unconvinced the US Federal Reserve would raise interest rates later this year.
China was again in focus as mainland shares jumped over three percent to seven-week highs and the yuan currency hit its strongest level since its surprise devaluation in August.
Chinese data may be the highlight of the week, with investors looking to trade figures on Tuesday to gauge the extent of the slowdown in the world’s second-largest economy.