PSEI gains as US Fed rate cuts loom

Investors yesterday prevented the local stock market from slumping for another day, as they went on a buying spree encouraged by news that the US Federal Reserve is poised to bring down interest rates in its meeting today (Wednesday night, Manila time).

- By ELIJAH FELICE ROSALES

The bellwether Philippine Stock Exchange index (PSEi) picked up by 1.51 percent or 91.31 points to settle at 6,148.74, as investors expect the Fed to cut rates in its meeting.

Likewise, the broader All Shares index rose by 0.97 percent or 35.63 points to end yesterday's session at 3,706.2.