The stock market rebounded Thursday, with the benchmark index surging above the 6,400 level after the US Federal Reserve indicated the possibility of three interest rate cuts in 2024.
The 30-company Philippine Stock Exchange index jumped 154 points, or 2.47 percent, to close at 6,410.48, while the broader all-shares index advanced by 55.82 points, or 1.67 percent, to settle at 3,394.96.
The Federal Open Market Committee kept interest rates unchanged in a range between 5.25 percent and 5.5 percent amid easing US inflation.
“The PSEi broke past the 6,400 as investors bet ahead of Bangko Sentral ng Pilipinas policy-setting meeting today that the country will follow the Fed,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The BSP also maintained its overnight borrowing rate at 6.5 percent.
