PSEi hits three-week high after Wall Street rally

Manila, Philippines – The Philippine Stock Exchange index (PSEi) rose for a fourth straight session to hit a three-week high, taking the cue from Wall Street that rallied in wake of the Federal Reserve rate cut.

The PSEi capped the week with a half-percentage point gain to settle at 6,264.49 on Friday.

“The local market rose further backed by positive cues from Wall Street and lower local yields,” stock brokerage firm PhilStocks Financial said in a research note.

“These come following the Federal Reserve’s move to cut their policy rates by 25 basis points together with their signal of more possible rate cuts within the year,” it added.

Friday’s session saw brisk trading, with net value turnover hitting P13.54 billion. Hot money into the stock market registered inflows of P223.27 million amid net foreign buying.

Sectors were mixed with banks taking the lead, up 2.01 percent. The industrials were the worst performers, down 0.60 percent. Decliners edged advancers 105 to 93.

DigiPlus Interactive Corp. [PSE: PLUS] was the day’s index leader, adding 6.29 percent to P23.65. Globe Telecom, Inc. [PSE: GLO] was the main index laggard, shedding 2.75 percent to end the session at P1,555.00.