Stocks extend gains after Fed assurance

The main index rose 66.19 points or 0.97 percent to close at 6,868.92 as the Mining and Oil counter surged and led gains across the board. However, volume dipped to 1 billion shares worth P5.68 billion as gainers beat losers 140 to 59 with 37 unchanged.

“Local and regional equities went on a relief rally as the Fed announced a widely anticipated 50 bps rate hike during its policy setting meeting yesterday,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “The Wednesday moves also came on the back of Fed Chair Jerome Powell’s statement ruling out a 75 bps rate hike in future meetings.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market extended its rally on the back of the positive spillovers from Wall Street.“ He noted that, “This came as Federal Reserve Chairman Jerome Powell said that policy rate hikes more aggressive than their latest 50 basis point increase is not under consideration, tempering worries of a higher interest rate hike in their succeeding meetings.”

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Weak trading seen as market waits for Fed hike - BusinessWorld OnlineOn Monday, the benchmark Philippine Stock Exchange index (PSEi) dropped by 10.17 points or 0.15% to close at 6,721.08, while the broader all shares index went down by 8.31 points or 0.23% to 3,596.83. READ:
Fuente: bworldph - 🏆 9. / 68 Leer más »

Stocks bounce on selective bargain huntingThe local stock market bounced as investors pick up stocks that have suffered losses in past sessions.
Fuente: manilabulletin - 🏆 25. / 51 Leer más »