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Thursday, November 30, 2023

Stocks rebound on maintained interest rates

Local stocks bounced back on Thursday after the United States Federal Reserve and the Bangko Sentral ng Pilipinas kept their interest rates steady.

The Philippine Stock Exchange index rose 53.67 points, or 0.89 percent, to close at 6.094.71, while the broader all-shares index went up by 22.41 points, or 0.69 percent, to settle at 3,294.07.

Analysts said, however, the equities markets remained under pressure as the Fed hinted at keeping rates higher for a longer time, as it aims for “soft landing” of the US economy.

“Philippine shares closed higher after Fed said it would leave interest rate unchanged but expects another rate hike before the end of the year,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Century Pacific Food Inc. and Bloomberry Resorts Corp. were among the most active stocks as they will soon be part of the main index.

They will replace Aboitiz Power Corp. and Metro Pacific Investments Corp. on Sept. 26, after their public float fell below the required minimum.

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