PHL stocks extend climb before Fed decision

PHILIPPINE SHARES rose further on Wednesday as players continued to buy cheap stocks and amid expectations of a US Federal Reserve cut overnight.

- Alexandria Grace C. Magno with Reuters

The benchmark Philippine Stock Exchange index (PSEi) went up by 0.17% or 10.61 points to close at 5,963.77, while the broader all shares index rose by 0.43% or 15.70 points to end at 3,605.21.

“The local market extended its gains as investors continued with their bargain hunting. Hopes of arate cut by the Federal Reserve and a solid agreement between the US and China in their meeting this week gave the market a boost... However, gains were eventually trimmed as investors traded cautiously amid lingering concerns primarily the Philippines’ corruption issues and their impact on economic outlook,” Philstocks Financial, Inc. Research Manager Japhet Louis 0. Tantiangco said in a Viber message.