Stocks end higher as markets eye BSP, Fed cuts

STOCKS rebounded on Wednesday as investors bought cheap shares and amid bets on further monetary policy easing by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve at their meetings next month.

- — Alexandria Grace C. Magno with Reuters

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.47% or 28.53 points to close at 6,004.70, while the broader all shares index decreased by 0.78% or 28.17 points to 3,546.65.

“The local market bounced back as investors hunted for bargains. Rate cut hopes for the BSP and the Fed in their December meeting were seen as the main reason for the positive sentiment today,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“Our main index treaded within arange before ending up higher as the case for a December US Fed cut got stronger after registering softer US retail sales data and consumer confidence sinking to a seven-month low,” AP Securities, Inc. said in a market note.