The local stock market continued to rebound on Friday as investors got assurance that the Fed will likely cut rates, while the peso stayed flat.
The Philippine Stock Exchange index (PSEi) went up by 38.99 points to 6,648.23, while All Shares also gained 20.54 points to 3,576.22.
"The local bourse gained this session by 38.99 points (0.59%) to 6,648.23 as the latest US inflation rate increased the chance of the Federal Reserve reducing interest rates, which also heightened the possibility of a rate cut from the Bangko Sentral ng Pilipinas," said Philstock Financials, Inc. research associate Claire Alviar.
Most sectors joined the PSEi in the green territory, with Services having the biggest gain of 1.64 percent, followed by the Banks which went up by 0.70 percent.
Industrials, however, lost the most, declining by 0.63 percent.
Advancers led decliners at 93 to 83 leaving 50 counters unchanged.
The Philippine peso, meanwhile, slightly appreciated, closing at 58.38 to a dollar from Thursday's 58.30 finish.
It opened the day at 58.26 and traded between 58.24 to 58.43.
The weighted average for the day stood at 58.33.
Total volume of trade fell to USD944.01 million from USD1.1 billion on Thursday.
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