PSEi at 7,200 after Fed rate cut

The local stock market market landed above the 7,200 aftee the US Federal Reserve slashed interest rates as expected.

The main index added 46.26 points or 0.65 percent to close at 7,202.16 led by the surge in Mining and Bank stocks with only Industrials declining. Volume jumped to 698 million shares worth P8.16 billion as gainers beat losers 113 to 78 with 62 unchanged.

“Philippine shares closed above the 7,200 mark on Thursday, buoyed by the Fed’s first rate cut in four years, lowering interest rates by 50bps to a range of 4.75 percent to 5.00 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan.