Shares inch higher on Fed bets, peso’s rebound

PHILIPPINE SHARES edged higher Thursday as bargain hunting continued and as the peso rose further against the dollar, with positive sentiment from Wall Street on expectations of more rate cuts spilling over to the local market

- — Alexandria Grace C. Magno with Reuters

The Philippine Stock Exchange index (PSEi) inched up by 0.22% or 13.73 points to close at 6,039.76, while the broader all shares index rose by 0.12% or 4.67 points to end at 3,659.29.

“The local market extended its gains as investors continued with their bargain hunting. The positive cues from Wall Street driven by Federal Reserve rate cut hopes helped in Thursday’s session,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a market note.

“The slight improvement in the peso’s position also aided the local bourse,” he said. The peso rose by four centavos to close at P58.080 against the dollar on Thursday from P58.12 on Wednesday, marking a second day of gains.