Stocks rose for a second day, bucking the downtrend in regional markets, after the US Federal Reserve kept interest rates unchanged.
The Philippine Stock Exchange index, the 30-company benchmark, gained 62 points, or 0.8 percent, to close at 7,564.47 Thursday. The bellwether was up 8.8 percent since the start of the year.
The broader all-share index also rose 38 points, or 0.9 percent, to settle at 4,517.26, on value turnover of P5.9 billion. Advancers led gainers, 117 to 61, while 58 issues were unchanged.
Eighteen of the 20 most active stocks ended in the green, led by Bloomberry Resorts Corp. which climbed 7.6 percent to P5.70 and Philex Mining Corp. which gained 7.1 percent to P9.26. DoubleDragon Properties Corp. advanced 4.3 percent to P58.50, while power retailer Manila Electric Co. added 2.8 percent to P323.80.
Meanwhile, Asian markets sank Thursday after Federal Reserve boss Janet Yellen sounded a warning over a possible British exit from the EU, while the yen soared to a 22-month dollar high as the Bank of Japan refused to pump up its stimulus.
The Fed on Wednesday lowered its growth forecasts for this year and the following two, and flagged interest rates rises to be lower and slower, highlighting increasing concern about the US and global economic outlook.
Her comments dragged New York stocks lower and sent the dollar tumbling against the yen and even the British pound despite fears of Britain leaving the EU.
In a news conference after the Fed kept interest rates unchanged, Yellen voiced confidence in the US economy but said there were concerns about the impact a British exit would have across the world. with AFP, Bloomberg