Local shares closed slightly higher following the Fed’s decision to maintain policy rates, while the peso breached the 57 to a dollar level on Thursday.
The Philippine Stock Exchange index (PSEi) rose 0.31 percent to 6,357.01 while All Shares also inched up 0.17 percent to 3,779.18.
“Philippine shares closed moderately higher ahead of the BSP decision and right after the Fed held rates steady. The committee also signaled two cuts this year, while warning of slower growth and higher inflation,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Services and Mining and Oil declined by 0.26 percent and 1.12 percent.
Financials recorded the biggest gain, increasing by 1.09 percent.
Decliners and advancers were almost equal at 91 to 90.
Meanwhile, the peso weakened, closing at 57.45 against the dollar on Thursday from 56.98 the previous trading day.
It opened at 57.1 and traded between 57.1 and 57.45.
The weighted average of the day settled at 57.33. The volume of trade went up to USD1.83 billion from USD1.27 billion.*PNA
