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The Philippine stock market sustained its rally, closing above the 7,100 level Monday ahead of the US Federal Reserve policy meeting.
The 30-company Philippine Stock Exchange index jumped 81.35 points, or 1.16 percent, to close at 7,104.20, while the wider all-shares index rose 31.37 points, or 0.83 percent, to 3,820.Analysts expect a larger rate cut of 50 basis points by the Fed in its rate-setting meeting on Sept. 18. Investors were initially looking at a 25-basis-point reduction.
“Mostly weaker US economic data recently could increase the odds of future Fed rate cuts in the coming months that could be matched locally,” said Rizal Commercial Banking Corp. chief economist Michael Ricafort. Ricafort said the mark also posted gains after the peso hit the strongest level versus the dollar in nearly six months.
All sub-indices ended in the green, led by mining and oil which rose 1.59 percent, while financial climbed 1.43 percent and industrial by 1.37 percent.Monde Nissin Corp. was the top index gainer, rising 5.97 percent to P10.30, while Metropolitan Bank & Trust Co. lost 1.15 percent to P73.15.
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