Stocks jump after US Fed inflation statement

Local share prices jumped on news that the US Federal Reserve believes is seeing progress in efforts to control inflation.

The main index rose by 91.07 points or 1.43 percent to close at 6,450.03, with Banks leading the charge while Miners still retreated. However, volume was still tepid at 263 million shares worth P3.93 billion as gainers outpaced losers 95 to 83, with 58 unchanged.

“Philippine shares closed in positive territory yesterday after the Federal Reserve announced some progress in reducing inflation but indicated that it is not yet ready to lower interest rates,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “The local market rose as investors hunted for bargains after a two-day decline.”

“Positive cues from Wall Street also fueled this Wednesday’s climb, with the bourse joining its neighboring peers in the green territory at the session's close.

“Lastly, inflows from foreign funds gave the market a boost as foreigners were net buyers with net inflows amounting to P22.09 million,” he noted.