MANILA, March 19 (PNA) –- The local stock market rallied back to the 7,800-mark on Thursday along with global markets, as investors cheered the Federal Reserve’s statement that indicated a slower pace of United States interest rate hike.
The barometer Philippine Stock Exchange index (PSEI) advanced 57.97 points to 7,814.55 from previous day’s 7,756.58 close.
In a market report, Accord Capital Equities Inc. said the local bourse surged after the Fed avowed interest rate adjustments would “go slow” considering further improvements in the macro economic data and inflation rates moving towards the two-percent target.
”The Fed’s decision to remove “patience” from its guidance language is seen as the primary impetus for Thursday’s run across global markets. The bottomline is that much of the uncertainty appears to have been removed off the table,” it said.
U.S. stocks rallied over 1.2 percent Wednesday night, while major European markets closed in the green, except Germany.
Asia was covered in a sea of green with only the Nikkei 225 marginally in the red as the yen firmed up.
Counters were mixed, with the 1.47-percent increase in share prices of services leading the market’s gains.
The sub-indices of industrial and mining and oil were in red.
A total of 1.17 billion shares changed hands with turnover of PHP12.21 billion.
Advancers won decliners, 93 to 88, while 44 issues unchanged.
The day’s most active stocks were led by Philippine Long Distance Telephone Company, Ayala Land Inc., Alliance Global Group Inc., Ayala Corp. and Metropolitan Bank & Trust Company. (PNA)