The Philippine stock market rose for a second straight trading day, closing above the 6,200 level ahead of a U.S. Federal Reserve policy meeting.
The 30-company Philippine Stock Exchange index on Wednesday jumped 61.92 points, or 1.01 percent, to close at 6,210.66, while the broader all-shares index went up by 22.41 points, or 0.61 percent, to 3,728.61.
The peso closed stronger Wednesday at 56.89 against the US dollar, up from 56.91 on Tuesday.
Philstocks Financial Inc. research head Japhet Tantiangco said the local market extended its gains on hopes of another rate cut before the end of the year.
“This comes following Department of Finance Secretary and Monetary Board member Ralph Recto’s statement saying the BSP may still cut rates this year depending on the Fed’s move and Philippine inflation rate,” Tantiangco said.
Aside from a possible rate cut, market sentiment was also lifted by a decline in local yields and the strengthening of the peso against the US dollar.
Trading slightly improved as value turnover reached P6.54 billion.
Foreign investors turned net buyers with inflows at P693.1 million.
All sectors ended in the green, led by services, which climbed 1.9 percent, and mining and oil, which rose 1.47 percent.
International Container Terminal Services Inc. was the top index gainer, increasing by 3.26 percent to P507, while DigiPlus Interactive Corp. was the main index laggard, dropping 4.1 percent to P22.20.
