PSEi breaks 6500, up 1.26%

The Philippine Stock Exchange’s benchmark index (PSEi) rose for the second day in a row and returned to 6500, adding 80.67 points, or 1.25%, to close at 6510.32.

The broader All Shares index also rose 25.61 points, or 0.76 percent, to end the day at 3415.76.

The PSEi index last closed higher on September 16, when it hit 6,548.77.

Japhet Tantiangco, senior analyst at Philstocks Financial Inc., said investors reacted positively to comments from Bangko Sentral and Philippine Gov. Felipe Medalla that monetary authorities could be removed with a significant hike in the policy rate.

“This comes amid expectations that the Federal Reserve will slow down its tightening of monetary policy. Moreover, positive signals from Wall Street also helped the gains on Wednesday,” Tantiangko added.

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Rizal Commercial Banking Corp. Meanwhile, chief economist Michael Ricafort said the stock market also rose after President Ferdinand Marcos Jr. “denied Treasury Secretary Diokno is leaving the economic team, which Diokno himself also denied.”

Regina Capital Development Corp. Managing director Louis Limlingan said investors are now looking forward to the release of the minutes of the Federal Open Market Committee meeting, the latest jobless claims data, durable goods data and new home sales data to understand the pace of future U.S. rate hikes. amid fears of further restrictions. in China.

All sectoral indices closed higher, with real estate gaining the most, up 2.57%.

Nearly 803 million shares were sold, worth 5.88 billion pesos.

There are again more advancers than decliners, from 105 to 83, while 46 remained unchanged.