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MANILA: Local shares ended higher amid optimism that the Federal Reserve will cut rates next year, while the peso moved sideways on Tuesday.
The Philippine Stock Exchange index (PSEi) gained 45.77 points to close at 6,521.27, while All Shares also went up by 16.57 points to 3,432.71.
“Philippine shares rose on optimism that the Fed will deliver 3 rate cuts next year,” said Regina Capital Development Corp. head of sales Luis Limlingan.
Almost all sectoral indices ended the day on the positive territory, except for Holding Firms and Mining and Oil which declined by 6.97 points and 40.71 points.
Decliners led advancers at 96 to 88, while 47 shares were unchanged.
Meanwhile, the peso moved sideways, closing at 55.95 against the dollar from Monday’s 55.87 finish.
It opened the day at 55.8 and traded at 55.8 to 56.
The total volume of trade went up to USD1.306 billion from USD798.7 million.
Source: Philippines News Agency
