The PSEi gained 95.88 points or 1.27 percent to finish at 7,671.72, while the broader All Shares index gained 21.58 points or 0.47 percent to finish at 4,563.55.
MANILA, Philippines – The benchmark Philippine Stock Exchange index (PSEi) continued to firm up yesterday, ahead of the scheduled meeting today of the US Federal Reserve.
The PSEi gained 95.88 points or 1.27 percent to finish at 7,671.72, while the broader All Shares index gained 21.58 points or 0.47 percent to finish at 4,563.55.
Except for the industrial index all sub-indices gained led by the services and mining index.
Jonathan Ravelas, chief market strategist at Banco de Oro said all eyes are on the US Fed meting.
Analysts said investors’ concerns on rate hike have ease as the latest US macroeconomic figures indicate a postponement of a September rate hike to possibly in December.
A consolidation above the 7,500 level could lead to continued bounce following five weeks of decline.
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Thus, the market may recover to 7,700 after today’s consolidation.
The mining and oil index gained 256.39 points or 2.46 percent after the Department of Environment and Natural Resources (DENR) cleared some mining companies after a technical audit.
Semirara Mining and Power Corp. gained 4.77 percent to close at P114.20 per share after the DENR found its expansion project to be “technically sound,” and “complaint” with regulations.
The company underwent an audit last July after the DENR sought to put an end to irresponsible mining.
