Philippine shares rallied along with global markets on Thursday, with the index regaining the 6,600-point level, after minutes from the United States Federal Reserve’s latest policy meeting showed support for keeping interest rates low for the time being.
Fresh from a mid-week break, the Philippine Stock Exchange index (PSEi) rose 51.40 points or 0.78 percent to 6,638.89, while the broader all shares index climbed 33.34 points or 0.84 percent to 3,992.65.
The market was closed on Wednesday in observance of the Day of Valor (Araw ng Kagitingan).
According to Papa Securities Corp. analyst Freya Natividad, the market was up because of a combination of positive local and overseas news.
She said the minutes of the Federal Reserve’s latest policy meeting was one key factor why the market managed to bounce back to the 6,600-mark, while positive income results from some listed firms added to the buoyant mood.
Majority of the sectoral indices posted significant increases. Mining and oil climbed 260.37 points or 1.76 percent to 15,016.64, followed by the financials, which rose 21.30 points or 1.36 percent to 1,585.38.
Holding firms advanced 76.59 points or 1.28 percent to 6,059.51 while industrial expanded by 63.64 points or 0.63 percent to 10,104.75.
Services and property were flat. Services inched up slightly by 0.99 point or 0.05 percent to 1,954.36, while property added 1.15 points or 0.04 percent to 2,590.90.
A total of 1.3 billion shares changed hands on Thursday valued at P10.5 billion, with gainers outnumbering losers 126 to 57.
Some of the top-traded stocks were Megaworld Corp., up by 3.20 percent at P4.51 per share, JG Summit Holdings Inc., which increased by 1.84 percent to P52.55 each; Alliance Global Group Inc., which rose by 3.11 percent to P29.80 apiece; Metro Pacific Investments Corp., which advanced by 2.26 percent to P4.97; BDO Unibank Inc., which rose 2.16 percent to P87.65 per share; and Filinvest Land Inc., which surged by 6.67 percent to P1.60 per share.
Before taking a break on Wednesday, Philippine shares had retreated back to the 6,500 level as global uncertainty weakened local investor sentiment.