Stocks, peso sustain rally; Converge, ALI lead gainers

The PSE index, the 30-company benchmark of the Philippine Stock Exchange, went up 20 points, or 0.3 percent, to close at 6,530.51, as four of the six subsectors advanced.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said “recent comments from Federal Reserve officials indicated openness to slow the pace of future rate hikes.” The latest indicators showed the manufacturing and services sectors continued to contract last month, while jobless claims picked up.

“Equities are reveling in the wake of the… minutes after the Fed telegraphed a downshift from jumbo to extra-large rate hikes,” said SPI Asset Management’s Stephen Innes.

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