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Wall Street gains fuel peso, stocks rebound

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THE peso and the stock market posted a rebound on Wednesday following a two-day decline as sentiment rose on hopes that the US Federal Reserve (Fed) could cut interest rates more than once this year.

THE peso and the stock market posted a rebound on Wednesday following a two-day decline as sentiment rose on hopes that the US Federal Reserve could cut interest rates more than once this year.The currency strengthened by 7 centavos to P58.725:$1 while the benchmark Philippine Stock Exchange index climbed 1.43 percent, or 91.07 points, to close at 6,450.03.The broader All Shares index also rose, by 32.46 points or 0.94 percent, to 3,495.13.The peso opened at P58.

research and engagement officer Mikhail Plopenio, meanwhile, said the PSEi rose 'as investors hunted for bargains after a two-day decline.''Positive cues from Wall Street also fueled this Wednesday's climb with the bourse joining its neighboring peers in the green territory at the session's close,' he added.'Inflows from foreign funds gave the market a boost as foreigners were net buyers with net inflows amounting to P22.09 million.

 

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