Philippine shares advanced on Thursday following a rally in Wall Street overnight after the US Federal Reserve announced a less aggressive interest rate hike to combat surging inflation.
The benchmark Philippine Stock Exchange Index (PSEi) also jumped nearly 100 points after Converge ICT Solutions said profits doubled last year while large banks pushed higher.
The PSEi rose 1.37 percent, or 96 points, to 7,122.45 while the broader all-shares index was up 1.25 percent, or 46.28 points, to 3,759.96.
US markets and regional bourses were higher after the US raised its benchmark interest rates by 0.25 percent. The first such increase since December 2018, the decision was expected giv...
Keep on reading:
PSEi stomps past 7,100 following Fed rate hike