Philippine stocks sustain gains on expected rate cuts next year

The Philippine stocks market sustained its rally Friday as investors anticipate interest rate cuts next year.

The 30-company Philippine Stock Exchange index advanced by 67.96 points, or 1.06  percent, to close at 6,442.07, while the broader all-shares index rose 14.59 points, or 0.43 percent, to settle at 3,409.55.

“Philippine shares logged in another winning day after the US Federal Reserve stated that its efforts to ease inflation are taking hold and indicated three interest rate cuts next year,” Regina Capital Development Corp head of sales Luis Limlingan said.

Market participation improved as total value turnover reached P9.6 billion.