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Manila Bulletin devider Business devider The Stock Market devider Stocks jump after US Fed firms up rate cut plan

Stocks jump after US Fed firms up rate cut plan

Published Mar 21, 2024 08:33 am

The local stock market jumped after the US Federal Reserve assured that its rate cut plans are unchanged.

The main index rose 106.45 points or 1.55 percent to close at 6,963.22 as the Services sector led the advance across the board. Volume declined to 977 million shares worth P6.34 billion as gainers beat losers 124 to 77 with 43 unchanged.

“Philippine stocks surged well above the 6,900 level as the Fed reaffirmed its plan for three interest rate cuts this year. The central bank kept borrowing costs unchanged after its crucial two-day March meeting, signaling a clear direction,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “this Thursday, the local market rose as investors took positive cues from Wall Street’s record high performance overnight amid renewed rate cut hopes.”

“Boosting the sentiment was BSP Governor Eli Remolona’s statement saying that the BSP may even cut rates faster than the Fed,” he added.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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