Dovish Fed sets PSEi on a win streak
The local bourse gained on Thursday after the American central bank affirmed its position of cutting rates twice this year amid worries that US President Donald Trump’s tariff policies would impact global markets.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.16 percent, or 10.01 points, to close at 6,323.13.
Meanwhile, the broader All Shares Index lost 0.11 percent, or 4.03 points, to 3,745.32.
A total of 1.06 billion shares worth P5.6 billion changed hands, stock exchange data showed.
The index climbed for the second consecutive session as the US Federal Reserve reiterated that it would slash its monetary policy on two occasions this year after keeping its rates at 4.25 to 4.5 percent, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
Limlingan also noted that another driver of optimism was Fed chair Jerome Powell’s move to downplay the inflationary impact of tariffs.
Only banks slipped, as Bank of the Philippine Islands (BPI) declined by 2.03 percent to P135.20 each.
Ayala Corp. was the most actively traded stock as it shed 0.33 percent to P604, followed by DigiPlus Interactive Corp., up 0.26 percent to P38.40; Philex Mining Corp., which surged by 11.54 percent to P7.15; BDO Unibank Inc., flat at P161; and Jollibee Foods Corp., down 0.88 percent to P248 per share.
Other actively traded stocks were Converge ICT Solutions Inc., up 3.76 percent to P18.78; International Container Terminal Services Inc., unchanged at P374; Metropolitan Bank and Trust Co., up 0.62 percent to P73.45; and SM Investments Corp., up 0.25 percent to P810 each.
