Fed rate cut hopes lift bourse

Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 11 Jul 2019 16:22:18 +0000

THE stock market approached the 8,200 level on Thursday, joining a global rally, as investors took heart from renewed interest-rate cut hopes from the US Federal Reserve (Fed).

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.94 percent or 76.28 points to close at 8,154.49, while the broader All Shares grew by 0.73 percent or 35.80 points to end at 4,957.97.

Regina Capital Development Corp. head of sales Luis Limlingan said market players bought up after Fed Chairman Jerome Powell testified to the US Congress and said the American central bank intended to lower borrowing costs as early as this month amid the ongoing trade war between Washington and Beijing, as well as a global economic slowdown. (See related story on B4).

In the US, the Dow Jones was up 0.29 percent, the S&P 500 grew 0.45 percent and the Nasdaq increased 0.75 percent.

In the region, Tokyo rose 0.51 percent, Shanghai inched up 0.08 percent, Hong Kong increased 0.81 percent, Seoul jumped 1.06 percent and Bangkok grew 0.48 percent.

Jakarta dipped 0.07 percent and Bangkok lost 0.02 percent.

In Manila, sectoral results were mixed, with the industrial and mining and oil sectors the only losers, down 0.34 percent and 0.26 percent, respectively.

More than 1.27 billion issues were traded valued at P6.09 billion.

Winners led losers, 124 to 74, while 49 issues were unchanged.

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