Wall Street’s overnight gains also boosted local trading as the Philippine Stock Exchange index advanced 74.74 points, or 1.13 percent, to close at 6,693.83. The broader all-shares index also went up by 31.47 points, or 0.88 percent, to reach 3,629.18.
Value turnover, however, remained thin at P3.89 billion, lower than year-to-date average of P4.91 billion. Foreign investors were net sellers, with outflows amounting to P42.70 million. He said after a highly anticipated two-day meeting, where borrowing costs were kept at 23-year highs as expected, that the first reduction could come “as soon as” September if data continued to improve. With AFP
“We continue to expect that the Federal Reserve will cut rates in September and December, followed by four 25 basis point reductions in 2025,” said JP Morgan Asset Management’s Raisah Rasid.“Investors should be mindful of potential risks, which at times are underestimated, including the possibility of a sharper growth deceleration and the impact of geopolitical uncertainties on the growth backdrop.
Sydney, Seoul, Wellington, Mumbai, Bangkok, Taipei, Manila and Jakarta were all in the green, as was London.Tokyo tumbled more than two percent as export-reliant firms were bitten by the stronger yen, with Toyota, Sony and SoftBank taking a hefty hit.