PHILIPPINE SHARES inched up to a near five-month high on Tuesday after US Federal Reserve Chair Jerome H. Powell said they could begin their easing cycle next month.
The Philippine Stock Exchange index (PSEi) rose by 0.16% or 11.45 points to finish at 6,973.41 on Tuesday, while the broader all shares index improved by 0.3% or 11.55 points to end at 3,761.28.
This was the PSEi’s best close in nearly five months or since it ended at 6,979.81 on April 1.
“The PSEi followed global indices higher after Federal Reserve Chairman Powell said that the time has come for the Fed to adjust rates. However, profit taking kept the benchmark index below the key 7,000 level,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.
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