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PSEi rises on rate cut hopes

July 20, 2019

THE stock market rose further on Friday, joining a global rally, over renewed hopes of a further rate cut from the US central bank.

The benchmark Philippine Stock Exchange index (PSEi) grew by 0.15 percent or 12.02 points to close at 8,270.07, while the wider All Shares inched up by 0.03 percent or 1.73 points to finish at 5,010.71.

“PSEi joined Asian markets in the green territory [on] hopes for more monetary policy easing from the [US] Federal Reserve (Fed),” online brokerage firm Philstocks Financial Inc. said.

On Thursday, two Fed officials bolstered hopes of interest rate reductions in this month’s Fed meeting, saying that trade tensions between the United and China, a slowdown in global manufacturing, and a 2-percent inflation target should be enough to cut rates quickly and aggressively.

On Wall Street, the Dow Jones inched up 0.01 percent, the S&P 500 rose 0.36 percent, and the Nasdaq was up 0.27 percent.

Regional markets followed suit as Tokyo increased 2 percent, Shanghai added 0.79 percent, Hong Kong rose 1.04 percent, Seoul grew 1.35 percent, Jakarta climbed 0.65 percent, Singapore inched up 0.36 percent, and Bangkok jumped 0.77 percent.

In Manila, sectoral results were mixed with the industrial and services indexes the only losers, down 0.45 percent and 0.02 percent, respectively.

More than 1.45 billion issues valued at P6.6 billion changed hands.

Losers led winners, 102 to 94, while 53 issues remained unchanged.

Credit belongs to : www.manilatimes.net

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