The 30-member Philippine Stock Exchange index (PSEi) went up by 93.94 points or 1.35% to 7,045.48 on Monday, while the broader all shares index rose by 37.53 points or 1.03% to end at 3,675.15. READ:
PHILIPPINE SHARES climbed on Monday amid Wall Street’s rise last week and a stronger peso amid expectations of smaller rate hikes from the US Federal Reserve.
“The uplift in the market was provided by US shares closing at the highest in a month, with the S&P 500 ending within a whisker of 4,000,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message. The S&P 500 closed at its highest level since Dec. 13, while the Nasdaq closed at its highest level since Dec. 14.
Fed hike hopes also helped boost the peso against the dollar. The local unit closed at P54.575 versus the greenback on Monday, an over six-month high.
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